Independent Financial Group LLC Buys Shares of 4,093 The PNC Financial Services Group, Inc $PNC

Independent Financial Group LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 4,093 shares of the financial services provider’s stock, valued at approximately $852,000.

Several other hedge funds also recently made changes to their positions in PNC. Truist Financial Corp boosted its position in The PNC Financial Services Group by 3.3% during the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares during the last quarter. Vanguard Group Inc. grew its stake in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. Stoneridge Investment Partners LLC increased its position in shares of The PNC Financial Services Group by 59.1% during the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after purchasing an additional 8,818 shares during the last quarter. BNC Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $6,715,000. Finally, BIP Wealth LLC bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,243,000. 83.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Royal Bank Of Canada increased their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. UBS Group boosted their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Oppenheimer upped their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Bank of America lifted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.50.

The PNC Financial Services Group Stock Up 0.1%

PNC opened at $250.37 on Wednesday. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49. The stock’s fifty day simple moving average is $234.58 and its 200 day simple moving average is $224.11. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The stock has a market cap of $100.54 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.66 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the previous year, the business posted $3.85 earnings per share. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 19.14 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Buying and Selling

In related news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.