Wealth Management Partners LLC Invests $678,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Wealth Management Partners LLC acquired a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,855 shares of the financial services provider’s stock, valued at approximately $678,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Portside Wealth Group LLC boosted its position in shares of The PNC Financial Services Group by 48.0% during the 1st quarter. Portside Wealth Group LLC now owns 1,874 shares of the financial services provider’s stock worth $361,000 after acquiring an additional 608 shares in the last quarter. Chronos Wealth Management LLC lifted its holdings in shares of The PNC Financial Services Group by 3.2% in the 1st quarter. Chronos Wealth Management LLC now owns 20,864 shares of the financial services provider’s stock valued at $3,667,000 after purchasing an additional 646 shares during the last quarter. Financial Management Professionals Inc. lifted its holdings in shares of The PNC Financial Services Group by 3.0% in the 1st quarter. Financial Management Professionals Inc. now owns 2,863 shares of the financial services provider’s stock valued at $503,000 after purchasing an additional 83 shares during the last quarter. Iams Wealth Management LLC lifted its holdings in shares of The PNC Financial Services Group by 14.2% in the 1st quarter. Iams Wealth Management LLC now owns 7,617 shares of the financial services provider’s stock valued at $1,339,000 after purchasing an additional 945 shares during the last quarter. Finally, Apella Capital LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $266,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $150.50, for a total transaction of $96,470.50. Following the completion of the sale, the chief executive officer now directly owns 562,291 shares in the company, valued at $84,624,795.50. This trade represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president now owns 20,490 shares of the company’s stock, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,396 shares of company stock valued at $2,747,698 over the last three months. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Down 0.8%

Shares of PNC opened at $174.97 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $69.21 billion, a P/E ratio of 12.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The stock’s fifty day simple moving average is $165.10 and its 200 day simple moving average is $183.96. The PNC Financial Services Group, Inc. has a twelve month low of $145.12 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. On average, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 45.20%.

Wall Street Analysts Forecast Growth

PNC has been the subject of several research reports. Truist Financial reduced their target price on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Morgan Stanley reduced their target price on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a report on Wednesday, April 16th. TD Cowen initiated coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They issued a “buy” rating and a $233.00 target price for the company. Finally, Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $202.67.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.