Vest Financial LLC Makes New Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Vest Financial LLC acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 50,329 shares of the financial services provider’s stock, valued at approximately $8,846,000.

A number of other hedge funds have also recently modified their holdings of the business. Mechanics Financial Corp bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $541,000. AssuredPartners Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $739,000. Premier Fund Managers Ltd boosted its position in shares of The PNC Financial Services Group by 38.3% in the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock worth $9,511,000 after purchasing an additional 13,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of The PNC Financial Services Group by 25.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after buying an additional 8,081 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its position in The PNC Financial Services Group by 2.0% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock valued at $30,202,000 after buying an additional 3,100 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PNC shares. Morgan Stanley dropped their target price on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. TD Cowen initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They set a “buy” rating and a $233.00 price target on the stock. Finally, The Goldman Sachs Group lowered their price objective on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $202.67.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, the executive vice president now directly owns 20,490 shares of the company’s stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $150.50, for a total transaction of $96,470.50. Following the transaction, the chief executive officer now directly owns 562,291 shares in the company, valued at approximately $84,624,795.50. This trade represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,154 shares of company stock worth $2,525,591 over the last 90 days. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $178.72 on Friday. The firm has a market capitalization of $70.70 billion, a PE ratio of 13.00, a PEG ratio of 1.55 and a beta of 1.06. The stock’s fifty day moving average is $165.16 and its 200 day moving average is $183.56. The PNC Financial Services Group, Inc. has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is currently 45.20%.

The PNC Financial Services Group 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 time 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.