OneAscent Financial Services LLC Invests $605,000 in The PNC Financial Services Group, Inc $PNC

OneAscent Financial Services LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 2,458 shares of the financial services provider’s stock, valued at approximately $605,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNC. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 2nd quarter valued at $28,000. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group in the third quarter worth $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $29,000. Finally, Financial Life Planners purchased a new stake in shares of The PNC Financial Services Group in the first quarter valued at $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 1.7%

Shares of NYSE PNC opened at $242.26 on Friday. The stock has a market capitalization of $96.65 billion, a PE ratio of 13.33, a P/E/G ratio of 0.98 and a beta of 0.91. 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 firm has a fifty day moving average of $248.17 and a 200-day moving average of $229.25. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the company posted $3.85 EPS. The business’s quarterly revenue was up 21.4% on a year-over-year basis. On average, 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 declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the business’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 completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PNC shares. Stephens increased their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Barclays upped their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Robert W. Baird raised their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of 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 report on Thursday, July 23rd. 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Company 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.