The PNC Financial Services Group, Inc $PNC Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 103.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,411 shares of the financial services provider’s stock after buying an additional 31,255 shares during the period. NewEdge Advisors LLC’s holdings in The PNC Financial Services Group were worth $12,779,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. First Nebraska Trust Co bought a new position in The PNC Financial Services Group during the first quarter worth $251,000. Axiom Investment Management LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth $55,000. Argent Capital Management LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth $41,426,000. Groupe la Francaise lifted its position in shares of The PNC Financial Services Group by 7.8% in the 1st quarter. Groupe la Francaise now owns 1,197 shares of the financial services provider’s stock worth $249,000 after buying an additional 87 shares during the last quarter. Finally, SOA Wealth Advisors LLC. lifted its position in shares of The PNC Financial Services Group by 25.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 462 shares of the financial services provider’s stock worth $96,000 after buying an additional 93 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PNC shares. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Truist Financial increased their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Argus boosted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective for the company. in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $252.24 on Friday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.13. The stock’s fifty day moving average is $243.50 and its 200-day moving average is $227.32. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating 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 $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the firm posted $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by corporate insiders.

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.