Spirepoint Private Client LLC Invests $375,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Spirepoint Private Client LLC acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,318 shares of the financial services provider’s stock, valued at approximately $375,000.

Other hedge funds have also recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in The PNC Financial Services Group in the 1st quarter valued at about $292,000. Nicolet Advisory Services LLC boosted its stake in The PNC Financial Services Group by 9.5% during the 1st quarter. Nicolet Advisory Services LLC now owns 3,527 shares of the financial services provider’s stock valued at $569,000 after purchasing an additional 306 shares during the last quarter. First Foundation Advisors boosted its stake in The PNC Financial Services Group by 2.8% during the 1st quarter. First Foundation Advisors now owns 3,006 shares of the financial services provider’s stock valued at $486,000 after purchasing an additional 83 shares during the last quarter. M&G Plc acquired a new position in The PNC Financial Services Group during the 1st quarter valued at about $5,945,000. Finally, Great Lakes Retirement Inc. boosted its stake in The PNC Financial Services Group by 61.3% during the 1st quarter. Great Lakes Retirement Inc. now owns 7,666 shares of the financial services provider’s stock valued at $1,239,000 after purchasing an additional 2,913 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now directly owns 3,502 shares in the company, valued at $545,856.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $167.50, for a total transaction of $208,035.00. Following the sale, the chief executive officer now owns 563,395 shares of the company’s stock, valued at $94,368,662.50. The disclosure for this sale can be found here. Insiders have sold 6,419 shares of company stock valued at $1,022,826 in the last 90 days. 0.42% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday. Evercore ISI lifted their price target on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday. Jefferies Financial Group lifted their price target on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada boosted their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Citigroup boosted their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $175.34.

The PNC Financial Services Group Stock Performance

PNC stock traded down $0.56 during midday trading on Friday, reaching $175.51. 1,601,122 shares of the company’s stock traded hands, compared to its average volume of 1,989,651. The company has a 50-day moving average price of $158.03 and a two-hundred day moving average price of $154.24. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.85 and a current ratio of 0.83. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $180.97. The firm has a market capitalization of $69.84 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 2.27 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the previous year, the firm posted $3.36 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 12.95 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.60 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.65%. The PNC Financial Services Group’s payout ratio is presently 53.74%.

The PNC Financial Services Group Company 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.