SCS Capital Management LLC Takes Position in The PNC Financial Services Group, Inc $PNC

SCS Capital Management LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,744 shares of the financial services provider’s stock, valued at approximately $1,907,000.

Other institutional investors also recently bought and sold shares of the company. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the third quarter worth $25,000. Modus Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $29,000. Financial Life Planners purchased a new stake in shares of The PNC Financial Services Group during the first quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC grew its holdings in shares of The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after buying an additional 71 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.0%

NYSE:PNC opened at $256.91 on Monday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company’s fifty day moving average price is $246.72 and its 200-day moving average price is $228.51. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.13. The firm has a market capitalization of $102.49 billion, a P/E ratio of 14.14, a PEG ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted 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 company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the firm posted $3.85 earnings per share. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. As a group, equities research 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 business 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 is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Analysts Set New Price Targets

PNC has been the subject of a number of research analyst reports. Oppenheimer raised their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. increased their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Truist Financial raised their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut 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 equities 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $265.73.

Insider Buying and Selling

In related news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group 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 completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 51,654 shares of company stock worth $11,552,661. Corporate insiders own 0.38% of the company’s stock.

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.