Independent Financial Group LLC Purchases New Shares in The PNC Financial Services Group, Inc $PNC

Independent Financial Group LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,093 shares of the financial services provider’s stock, valued at approximately $852,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group during the third quarter worth approximately $25,000. Modus Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at approximately $31,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price target on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Morgan Stanley lifted 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. Stephens upped their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Bank of America increased their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Royal Bank Of Canada raised their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $265.50.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $250.37 on Wednesday. The firm’s 50 day simple moving average is $234.58 and its 200 day simple moving average is $224.11. The firm has a market capitalization of $100.54 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.00 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. 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 announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.66 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the business earned $3.85 earnings per share. The company’s revenue was up 21.4% on a year-over-year basis. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 19.14 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be issued a dividend of $2.00 per share. This is an increase 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 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 48,300 shares of company stock valued at $10,694,574. Corporate insiders own 0.38% of the company’s stock.

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.