Longfellow Investment Management Co. LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Longfellow Investment Management Co. LLC acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,817 shares of the financial services provider’s stock, valued at approximately $1,186,000.

Several other large investors also recently bought and sold shares of PNC. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the third quarter worth $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC increased its position in shares of The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 71 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.0%

Shares of PNC stock opened at $256.91 on Monday. The stock has a 50 day moving average of $246.72 and a 200 day moving average of $228.51. 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 stock has a market cap of $102.49 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.13.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates 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 business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.85 EPS. As a group, sell-side analysts expect 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 announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.1%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Insider Activity

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were 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 in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PNC. Citigroup lifted their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Stephens raised their price objective 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. Robert W. Baird lifted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, Truist Financial upped their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $265.73.

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.