NewEdge Wealth LLC Has $5.48 Million Position in The PNC Financial Services Group, Inc $PNC

NewEdge Wealth LLC raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 20.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,332 shares of the financial services provider’s stock after acquiring an additional 4,506 shares during the quarter. NewEdge Wealth LLC’s holdings in The PNC Financial Services Group were worth $5,479,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Truist Financial Corp increased its holdings in The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after buying an additional 39,589 shares during the period. Vanguard Group Inc. lifted its stake in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after acquiring an additional 408,464 shares during the period. Stoneridge Investment Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after acquiring an additional 8,818 shares during the last quarter. BIP Wealth LLC purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at $1,243,000. Finally, BNC Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $6,715,000. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PNC shares. Stephens raised their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company lifted their price objective 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. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price for the company. in a research note on Thursday. Finally, Robert W. Baird upped their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.48.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, 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. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $249.41 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The stock’s 50 day simple moving average is $236.16 and its 200-day simple moving average is $224.69. The company has a market cap of $100.15 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.01 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS 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 firm had revenue of $6.66 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the previous year, the business earned $3.85 earnings per share. The firm’s revenue for the quarter 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 19.14 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be 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. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

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.