Evolve Private Wealth LLC Acquires New Position in The PNC Financial Services Group, Inc $PNC

Evolve Private Wealth LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, Holdings Channel reports. The fund bought 10,936 shares of the financial services provider’s stock, valued at approximately $2,693,000.

Several other large investors have also added to or reduced their stakes in the company. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $28,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth $29,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the 1st quarter worth $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $243.05 on Friday. The firm has a market cap of $96.96 billion, a PE ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91. The stock has a 50 day moving average of $248.28 and a 200 day moving average of $229.34. 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 12 month low of $176.88 and a 12 month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data 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 business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company’s revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.85 EPS. On average, research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of recent analyst reports. Truist Financial raised their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Robert W. Baird upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Barclays increased their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, Stephens upped their price target on 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 51,654 shares of company stock valued at $11,552,661. Corporate insiders own 0.38% of the company’s stock.

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.