BluePath Capital Management LLC Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

BluePath Capital Management LLC grew its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 17.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,425 shares of the financial services provider’s stock after acquiring an additional 643 shares during the period. BluePath Capital Management LLC’s holdings in The PNC Financial Services Group were worth $852,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PNC. Valley Wealth Managers Inc. raised its holdings in The PNC Financial Services Group by 20,000.0% in the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. Quarry LP raised its stake in shares of The PNC Financial Services Group by 141.7% in the 2nd quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 170 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at about $51,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in The PNC Financial Services Group by 231.6% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 220 shares in the last quarter. Finally, Laurel Wealth Advisors LLC grew its stake in The PNC Financial Services Group by 44.4% in the fourth quarter. Laurel Wealth Advisors LLC now owns 338 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 104 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $190.57, for a total value of $236,687.94. Following the transaction, the chief executive officer now owns 546,007 shares of the company’s stock, valued at $104,052,553.99. The trade was a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,272 shares of company stock worth $6,164,890. 0.42% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of several research reports. Piper Sandler lifted their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group boosted their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Truist Financial began coverage on shares of The PNC Financial Services Group in a report on Tuesday, January 7th. They issued a “hold” rating and a $215.00 price target for the company. Finally, Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $203.29.

The PNC Financial Services Group Stock Performance

PNC stock opened at $200.07 on Thursday. The company has a 50-day simple moving average of $201.75 and a 200 day simple moving average of $186.58. The company has a market capitalization of $79.38 billion, a P/E ratio of 16.91, a PEG ratio of 1.77 and a beta of 1.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the business posted $3.60 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is currently 54.10%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.