Evolve Private Wealth LLC Purchases New Position in The PNC Financial Services Group, Inc $PNC

Evolve Private Wealth LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,936 shares of the financial services provider’s stock, valued at approximately $2,693,000.

Other large investors have also bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $28,000. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth approximately $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $29,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group in the first quarter worth $31,000. 83.53% of the stock is owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’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 transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Up 0.6%

Shares of PNC stock opened at $243.05 on Friday. 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 PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The stock has a market capitalization of $96.96 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.96 and a beta of 0.91. The firm’s 50 day moving average is $248.28 and its 200 day moving average is $229.34.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations 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 company’s revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.85 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share 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. Shareholders of record on Monday, July 20th were given a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s payout ratio is 44.03%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PNC shares. Truist Financial upped their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Barclays increased their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Royal Bank Of Canada raised their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Oppenheimer increased their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus 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.