Wedgewood Investors Inc. PA Buys New Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)


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Wedgewood Investors Inc. PA acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,256 shares of the financial services provider’s stock, valued at approximately $220,000.

Several other large investors have also recently bought and sold shares of the company. Sound View Wealth Advisors Group LLC boosted its stake in shares of The PNC Financial Services Group by 1.0% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 7,199 shares of the financial services provider’s stock worth $1,263,000 after acquiring an additional 69 shares in the last quarter. Park Avenue Securities LLC grew its stake in The PNC Financial Services Group by 5.4% in the 1st quarter. Park Avenue Securities LLC now owns 7,183 shares of the financial services provider’s stock valued at $1,260,000 after acquiring an additional 365 shares during the period. New England Investment & Retirement Group Inc. acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at about $2,858,000. Hillcrest Wealth Advisors NY LLC acquired a new position in shares of The PNC Financial Services Group during the first quarter valued at approximately $215,000. Finally, WASHINGTON TRUST Co lifted its stake in shares of The PNC Financial Services Group by 2.7% in the first quarter. WASHINGTON TRUST Co now owns 72,377 shares of the financial services provider’s stock worth $12,695,000 after buying an additional 1,899 shares in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE PNC traded up $0.41 during midday trading on Tuesday, hitting $188.53. 21,331 shares of the company’s stock were exchanged, compared to its average volume of 1,959,431. The firm’s fifty day simple moving average is $178.40 and its 200-day simple moving average is $153.75. The company has a market cap of $79.94 billion, a PE ratio of 11.26, a P/E/G ratio of 3.33 and a beta of 1.38. The PNC Financial Services Group, Inc. has a twelve month low of $93.27 and a twelve month high of $189.43. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.88 and a quick ratio of 0.88.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, April 15th. The financial services provider reported $4.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $1.35. The PNC Financial Services Group had a net margin of 38.16% and a return on equity of 5.97%. The company had revenue of $4.22 billion for the quarter, compared to analyst estimates of $4.10 billion. During the same period in the prior year, the firm posted $1.95 earnings per share. The firm’s revenue was down 6.6% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 6.09 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 5th. Investors of record on Friday, April 16th will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Thursday, April 15th. The PNC Financial Services Group’s dividend payout ratio is currently 40.39%.

In other news, EVP Karen L. Larrimer sold 3,205 shares of the business’s stock in a transaction dated Friday, February 5th. The shares were sold at an average price of $156.92, for a total transaction of $502,928.60. Following the transaction, the executive vice president now directly owns 24,580 shares in the company, valued at $3,857,093.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 3,455 shares of company stock worth $546,810 over the last quarter. Company insiders own 0.30% of the company’s stock.

PNC has been the subject of several recent analyst reports. Barclays raised their price objective on shares of The PNC Financial Services Group from $171.00 to $182.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 7th. Jefferies Financial Group upped their price objective on The PNC Financial Services Group from $169.00 to $183.00 and gave the company a “hold” rating in a report on Thursday, April 15th. Argus raised their target price on The PNC Financial Services Group from $173.00 to $203.00 and gave the stock a “buy” rating in a research note on Monday, April 26th. Credit Suisse Group upped their price target on The PNC Financial Services Group from $170.00 to $178.00 and gave the company a “neutral” rating in a research note on Monday, April 26th. Finally, Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $192.00 to $197.00 and gave the stock an “overweight” rating in a research report on Friday, April 16th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the stock. The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $171.05.

About The PNC Financial Services Group

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. The Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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