Wealthfront Advisers LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Wealthfront Advisers LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 59,599 shares of the financial services provider’s stock, valued at approximately $14,674,000.

Other large investors also recently modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the second quarter valued at $28,000. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $25,000. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC acquired a new position in The PNC Financial Services Group during the 4th quarter valued at about $29,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group during the 1st quarter worth approximately $31,000. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $254.43 on Wednesday. The stock has a market cap of $101.50 billion, a PE ratio of 14.00, a PEG ratio of 1.02 and a beta of 0.91. The company’s fifty day moving average is $247.74 and its 200 day moving average is $228.96. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

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

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PNC. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Stephens increased their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. Finally, UBS Group upped their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. One investment 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’s stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

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.