Midwest Trust Co Has $55.31 Million Stock Position in The PNC Financial Services Group, Inc $PNC

Midwest Trust Co boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 85.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 265,803 shares of the financial services provider’s stock after purchasing an additional 122,399 shares during the quarter. Midwest Trust Co’s holdings in The PNC Financial Services Group were worth $55,311,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the 4th 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, Kemnay Advisory Services Inc. bought a new position in shares of The PNC Financial Services Group in the 4th quarter worth $32,000. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Morgan Stanley upped 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. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Truist Financial upped their price target on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a research note on Friday, June 26th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $258.09.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction 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 sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Up 0.4%

NYSE:PNC traded up $1.07 on Friday, reaching $251.99. The company’s stock had a trading volume of 2,892,810 shares, compared to its average volume of 2,235,505. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.00. The business’s 50-day moving average price is $229.90 and its two-hundred day moving average price is $222.05. The firm has a market cap of $101.19 billion, a PE ratio of 14.64, a PEG ratio of 1.03 and a beta of 0.91. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter last year, the firm posted $3.51 earnings per share. The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 46.48%.

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.