Cerity Partners LLC Increases Position in The PNC Financial Services Group, Inc $PNC

Cerity Partners LLC increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 87.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 449,781 shares of the financial services provider’s stock after acquiring an additional 210,245 shares during the quarter. Cerity Partners LLC’s holdings in The PNC Financial Services Group were worth $93,883,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $29,000. Beacon Financial Strategies CORP acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $35,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the 3rd quarter valued at about $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group in the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $231.51 on Wednesday. The PNC Financial Services Group, Inc has a 12-month low of $172.73 and a 12-month high of $243.94. The stock has a market capitalization of $92.97 billion, a P/E ratio of 13.45, a P/E/G ratio of 0.94 and a beta of 0.92. The firm’s 50-day moving average is $219.13 and its two-hundred day moving average is $215.28. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same period last year, the company earned $3.51 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. Equities analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Insider Activity

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s 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 sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly 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 SEC filing for this sale provides additional information. 0.38% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PNC. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research note on Thursday, April 16th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 price objective on the stock. Finally, Citigroup increased their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

The PNC Financial Services Group Profile

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.