8,860 Shares in The PNC Financial Services Group, Inc $PNC Purchased by Welch & Forbes LLC

Welch & Forbes LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 8,860 shares of the financial services provider’s stock, valued at approximately $1,969,000.

Other hedge funds have also recently bought and sold shares of the company. Highland Investment Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $28,000. Archer Investment Corp acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $33,000. Wilkerson Advisory Group LLC raised its holdings in shares of The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 71 shares during the period. Finally, Dunhill Financial LLC bought a new stake in The PNC Financial Services Group in the 2nd quarter valued at $37,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Tuesday, October 13th. UBS Group dropped their price target on The PNC Financial Services Group from $286.00 to $278.00 and set a “buy” rating on the stock in a research note on Monday, November 2nd. Jefferies Financial Group dropped their price target on The PNC Financial Services Group from $305.00 to $280.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $258.00 to $259.00 and gave the company an “overweight” rating in a report on Friday, October 30th. Finally, Keefe, Bruyette & Woods reduced their price objective on The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a research report on Friday, October 16th. Seventeen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $266.04.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $231.06 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.28. The PNC Financial Services Group, Inc has a twelve month low of $177.08 and a twelve month high of $258.96. The stock has a market capitalization of $91.68 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.20 and a beta of 0.92. The company has a 50 day moving average of $228.20 and a 200-day moving average of $229.27.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.35 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.24 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Wednesday, October 14th. This represents a $8.00 annualized dividend and a yield of 3.5%. The PNC Financial Services Group’s payout ratio is 42.58%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.