Folger Nolan Fleming Douglas Capital Management Inc. Boosts Stock Position in The PNC Financial Services Group, Inc $PNC

Folger Nolan Fleming Douglas Capital Management Inc. increased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 447.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,696 shares of the financial services provider’s stock after purchasing an additional 23,459 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $5,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PNC. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $32,000. Finally, EFG International AG purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’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 directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 48,300 shares of company stock worth $10,694,574. Corporate insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Bank of America raised their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Royal Bank Of Canada reissued an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Barclays upped their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Finally, Truist Financial raised their target price on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a “hold” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $248.00.

The PNC Financial Services Group Stock Up 0.8%

Shares of NYSE:PNC opened at $246.89 on Tuesday. The firm has a market capitalization of $99.14 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.00 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a 50 day moving average price of $225.07 and a 200-day moving average price of $219.59. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $249.01.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.51 earnings per share. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.81 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 2.8%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

About The PNC Financial Services Group

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.