Wealth Management Strategies Inc. Purchases Shares of 7,324 The PNC Financial Services Group, Inc $PNC

Wealth Management Strategies Inc. purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 7,324 shares of the financial services provider’s stock, valued at approximately $1,803,000. The PNC Financial Services Group accounts for approximately 0.7% of Wealth Management Strategies Inc.’s holdings, making the stock its 7th biggest holding.

Several other large investors also recently made changes to their positions in the stock. Caitlin John LLC bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $253,000. Equitable Holdings Inc. acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $6,925,000. Centaurus Financial Inc. bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $1,706,000. Jefferies Financial Group Inc. acquired a new position in The PNC Financial Services Group during the second quarter worth $2,811,000. Finally, MASTERINVEST Kapitalanlage GmbH acquired a new position in The PNC Financial Services Group during the second quarter worth $864,000. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,654 shares of company stock valued at $1,627,011 over the last quarter. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Stephens increased their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company boosted 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 report on Thursday, July 16th. Royal Bank Of Canada upped their price target on shares of 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. Barclays increased their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, UBS Group lifted their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. One investment 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $243.33 on Friday. The firm has a 50 day simple moving average of $249.21 and a 200 day simple moving average of $229.52. The company has a market cap of $97.08 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating 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 company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the company earned $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. 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 dividend payout ratio (DPR) 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.