Perigon Wealth Management LLC Buys Shares of 10,107 The PNC Financial Services Group, Inc $PNC

Perigon Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,107 shares of the financial services provider’s stock, valued at approximately $2,488,000.

A number of other institutional investors also recently made changes to their positions in the stock. Cvfg LLC lifted its position in shares of The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after acquiring an additional 43 shares in the last quarter. Trust Asset Management LLC increased its position in The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after purchasing an additional 43 shares in the last quarter. Baron Wealth Management LLC raised its stake in The PNC Financial Services Group by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock valued at $325,000 after purchasing an additional 46 shares during the last quarter. Atom Investors LP raised its stake in The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock valued at $529,000 after purchasing an additional 46 shares during the last quarter. Finally, Flavin Financial Services Inc. lifted its holdings in The PNC Financial Services Group by 0.4% in the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock valued at $2,847,000 after purchasing an additional 48 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Down 0.9%

Shares of PNC opened at $254.65 on Tuesday. The stock’s fifty day simple moving average is $247.28 and its 200 day simple moving average is $228.73. The firm has a market capitalization of $101.59 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.02 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 1.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the previous year, the business earned $3.85 EPS. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s payout ratio is 44.03%.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 sale, the director 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. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 51,654 shares of company stock worth $11,552,661. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of several analyst reports. Stephens raised their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective on the stock. in a research note on Thursday, July 23rd. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Finally, Argus boosted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

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.