Oppenheimer Asset Management Inc. Buys 6,173 Shares of The PNC Financial Services Group, Inc $PNC

Oppenheimer Asset Management Inc. raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 15.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 47,192 shares of the financial services provider’s stock after purchasing an additional 6,173 shares during the period. Oppenheimer Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $9,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP bought a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $25,000. Westfuller Advisors LLC bought a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $34,000. Beacon Financial Strategies CORP bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $35,000. JPL Wealth Management LLC bought a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $37,000. Finally, Financial Life Planners bought a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $39,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.9%

Shares of PNC stock opened at $220.92 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $163.11 and a 12-month high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $213.91 and its 200 day moving average is $208.29. The stock has a market capitalization of $89.11 billion, a P/E ratio of 12.84, a P/E/G ratio of 0.92 and a beta of 0.96.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share 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 business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter last year, the company posted $3.51 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. Research analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is 39.51%.

Insider Activity

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock worth $14,840,973 in the last quarter. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNC. Truist Financial raised their target price 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. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Finally, Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $241.72.

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.