The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Summit Financial LLC

Summit Financial LLC raised its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 3,643 shares of the financial services provider’s stock after acquiring an additional 131 shares during the period. Summit Financial LLC’s holdings in The PNC Financial Services Group were worth $703,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PNC. Winch Advisory Services LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $25,000. Richardson Financial Services Inc. increased its stake in shares of The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 140 shares during the last quarter. Albion Financial Group UT purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $30,000. Rialto Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Finally, Synergy Asset Management LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays lifted their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Citigroup lowered their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Wells Fargo & Company reduced their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Truist Financial increased their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group reduced their price target on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $204.12.

The PNC Financial Services Group Stock Up 1.5 %

Shares of NYSE PNC opened at $177.24 on Thursday. The firm has a market cap of $70.14 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $186.59 and its 200-day simple moving average is $192.07.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the company posted $3.16 EPS. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $174.78, for a total value of $217,076.76. Following the completion of the transaction, the chief executive officer now directly owns 564,815 shares in the company, valued at approximately $98,718,365.70. This trade represents a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 13,662 shares of company stock valued at $2,559,389. Insiders own 0.41% of the company’s stock.

About The PNC Financial Services Group

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.