Storen Legacy Partners LLC Makes New $469,000 Investment in The PNC Financial Services Group, Inc $PNC

Storen Legacy Partners LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,248 shares of the financial services provider’s stock, valued at approximately $469,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Cvfg LLC boosted its position in The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock worth $366,000 after acquiring an additional 43 shares during the last quarter. YANKCOM Partnership raised its holdings in The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider’s stock valued at $539,000 after acquiring an additional 46 shares during the last quarter. Westfuller Advisors LLC raised its holdings in The PNC Financial Services Group by 26.9% in the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 46 shares during the last quarter. Atom Investors LP raised its holdings 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 acquiring an additional 46 shares during the last quarter. Finally, Flavin Financial Services Inc. lifted its stake in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock worth $2,847,000 after purchasing an additional 48 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PNC. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Oppenheimer upped their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Citigroup increased their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Barclays raised their price target on 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. Finally, Truist Financial lifted their price target on 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. One equities research 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $246.72.

The PNC Financial Services Group Stock Up 0.1%

Shares of PNC opened at $232.39 on Friday. The PNC Financial Services Group, Inc has a fifty-two week low of $176.16 and a fifty-two week high of $243.94. The company’s fifty day moving average is $222.68 and its two-hundred day moving average is $217.55. The firm has a market cap of $93.32 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate 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 business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.51 EPS. Analysts forecast that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared 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. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is 39.51%.

Insiders Place Their Bets

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock worth $10,694,574 over the last three months. 0.38% of the stock is owned by 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.