Allworth Financial LP Boosts Stock Holdings in The PNC Financial Services Group, Inc $PNC

Allworth Financial LP grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 87.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,140 shares of the financial services provider’s stock after purchasing an additional 24,773 shares during the quarter. Allworth Financial LP’s holdings in The PNC Financial Services Group were worth $11,092,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new position in The PNC Financial Services Group during the third quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new position in The PNC Financial Services Group during the fourth quarter valued at $35,000. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group during the third quarter valued at $34,000. Cornerstone Planning Group LLC lifted its holdings in The PNC Financial Services Group by 2,100.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 168 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in The PNC Financial Services Group during the third quarter valued at $37,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 1.8%

NYSE PNC opened at $213.57 on Friday. The firm’s 50-day moving average is $213.48 and its two-hundred day moving average is $210.55. The PNC Financial Services Group, Inc has a 12 month low of $169.32 and a 12 month high of $243.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $85.76 billion, a P/E ratio of 12.41, a PEG ratio of 0.87 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the prior year, the company posted $3.51 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Analyst Ratings Changes

Several research firms have issued reports on PNC. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. Barclays lifted their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. TD Cowen lifted their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Bank of America lifted their target price on shares of 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. Finally, Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $243.11.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is owned by corporate insiders.

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.