D.B. Root & Company LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

D.B. Root & Company LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,562 shares of the financial services provider’s stock, valued at approximately $1,123,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Brighton Jones LLC grew its stake in The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after acquiring an additional 984 shares in the last quarter. Empowered Funds LLC lifted its position in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after purchasing an additional 170 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after purchasing an additional 1,449 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after purchasing an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC purchased a new position in The PNC Financial Services Group during the second quarter valued at approximately $482,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $243.05 on Monday. The company has a market cap of $96.96 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91. The business has a 50 day moving average price of $248.28 and a 200 day moving average price of $229.35. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the business posted $3.85 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. Research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Analyst Ratings Changes

PNC has been the subject of a number of research reports. Royal Bank Of Canada lifted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Citigroup lifted their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $265.73.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 51,654 shares of company stock valued at $11,552,661 in the last 90 days. 0.38% of the stock is owned by company insiders.

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.