Advocate Group LLC grew its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 95.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,767 shares of the financial services provider’s stock after purchasing an additional 14,573 shares during the quarter. Advocate Group LLC’s holdings in The PNC Financial Services Group were worth $3,783,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of PNC. Marcum Wealth LLC lifted its stake in shares of The PNC Financial Services Group by 19.3% during the first quarter. Marcum Wealth LLC now owns 4,403 shares of the financial services provider’s stock worth $560,000 after buying an additional 711 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth $96,000. Waterfront Wealth Inc. lifted its stake in shares of The PNC Financial Services Group by 5.9% during the first quarter. Waterfront Wealth Inc. now owns 4,320 shares of the financial services provider’s stock worth $549,000 after buying an additional 240 shares during the period. CENTRAL TRUST Co lifted its stake in shares of The PNC Financial Services Group by 2.5% during the first quarter. CENTRAL TRUST Co now owns 10,966 shares of the financial services provider’s stock worth $1,394,000 after buying an additional 265 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of The PNC Financial Services Group by 0.7% during the first quarter. Nordea Investment Management AB now owns 27,159 shares of the financial services provider’s stock worth $3,436,000 after buying an additional 191 shares during the period. 79.27% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at The PNC Financial Services Group
In related news, Director Bryan Scott Salesky bought 400 shares of the business’s stock in a transaction dated Wednesday, June 7th. The stock was acquired at an average price of $127.10 per share, with a total value of $50,840.00. Following the completion of the purchase, the director now directly owns 410 shares of the company’s stock, valued at $52,111. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other The PNC Financial Services Group news, Director Bryan Scott Salesky acquired 400 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The stock was bought at an average price of $127.10 per share, with a total value of $50,840.00. Following the purchase, the director now owns 410 shares in the company, valued at $52,111. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Alvarado acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, April 21st. The shares were acquired at an average cost of $123.89 per share, with a total value of $123,890.00. Following the purchase, the director now owns 1,100 shares in the company, valued at approximately $136,279. The disclosure for this purchase can be found here. Corporate insiders own 0.39% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently commented on PNC shares. StockNews.com started coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 18th. They set a “sell” rating for the company. Citigroup decreased their target price on shares of The PNC Financial Services Group from $150.00 to $145.00 in a research report on Thursday, June 8th. Morgan Stanley decreased their target price on shares of The PNC Financial Services Group from $163.00 to $137.00 and set an “underweight” rating for the company in a research report on Wednesday, April 5th. UBS Group boosted their target price on shares of The PNC Financial Services Group from $130.00 to $134.00 and gave the company a “neutral” rating in a research report on Monday, April 17th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of The PNC Financial Services Group from $125.00 to $120.00 and set an “underperform” rating for the company in a research report on Monday, April 17th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $162.04.
The PNC Financial Services Group Price Performance
Shares of The PNC Financial Services Group stock traded down $0.09 during trading hours on Friday, reaching $125.59. The stock had a trading volume of 291,005 shares, compared to its average volume of 3,450,751. The firm has a market capitalization of $50.12 billion, a PE ratio of 8.60, a PEG ratio of 1.11 and a beta of 1.13. The stock’s 50 day moving average is $121.92 and its 200 day moving average is $138.60. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.24. The PNC Financial Services Group, Inc. has a twelve month low of $110.31 and a twelve month high of $176.34.
The PNC Financial Services Group (NYSE:PNC – Free Report) last released its earnings results on Friday, April 14th. The financial services provider reported $3.98 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.38. The business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 23.95% and a return on equity of 13.41%. The company’s quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.29 earnings per share. Equities analysts expect that The PNC Financial Services Group, Inc. will post 13.74 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, May 5th. Stockholders of record on Tuesday, April 18th were paid a dividend of $1.50 per share. The ex-dividend date was Monday, April 17th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 4.78%. The PNC Financial Services Group’s dividend payout ratio is currently 41.04%.
The PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company’s Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
Further Reading
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