23,716 Shares in The PNC Financial Services Group, Inc $PNC Acquired by Principle Wealth Partners LLC

Principle Wealth Partners LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,716 shares of the financial services provider’s stock, valued at approximately $5,839,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. Brighton Jones LLC raised its stake in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC boosted its stake in The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after buying an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after acquiring an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC acquired a new position in The PNC Financial Services Group during the second quarter worth about $482,000. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PNC has been the topic of several research reports. Wells Fargo & Company boosted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Stephens lifted their price objective 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. Barclays lifted their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Argus increased their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. One equities 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Trading Down 0.9%

Shares of NYSE PNC opened at $254.65 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a market cap of $101.59 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91. The business has a fifty day simple moving average of $247.28 and a 200-day simple moving average of $228.73.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the previous year, the company earned $3.85 EPS. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

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

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 of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last quarter. 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.