Pallas Capital Advisors LLC Has $6.67 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Pallas Capital Advisors LLC increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 53.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,958 shares of the financial services provider’s stock after purchasing an additional 13,225 shares during the period. Pallas Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $6,672,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PNC. Brighton Jones LLC increased its position in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after acquiring an additional 984 shares in the last quarter. Robertson Stephens Wealth Management LLC increased its holdings in The PNC Financial Services Group by 5.5% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 1,278 shares of the financial services provider’s stock worth $246,000 after purchasing an additional 67 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $12,244,000. Golden State Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $72,000. Finally, Lecap Asset Management Ltd. acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $414,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. The Goldman Sachs Group reduced their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Keefe, Bruyette & Woods decreased their target price on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating for the company in a research report on Wednesday, April 16th. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a “buy” rating and a $233.00 price target on the stock. Finally, Hsbc Global Res raised shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $202.67.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Martin Pfinsgraff acquired 1,000 shares of the business’s stock in a transaction on Friday, April 25th. The stock was purchased at an average price of $158.22 per share, with a total value of $158,220.00. Following the acquisition, the director now directly owns 2,009 shares of the company’s stock, valued at approximately $317,863.98. This trade represents a 99.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 601 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total transaction of $96,160.00. Following the transaction, the chief executive officer now owns 563,573 shares in the company, valued at approximately $90,171,680. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,154 shares of company stock worth $2,525,591 over the last three months. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Up 2.3%

PNC stock opened at $178.72 on Monday. The PNC Financial Services Group, Inc. has a 1-year low of $145.12 and a 1-year high of $216.26. The business’s 50 day simple moving average is $165.16 and its 200 day simple moving average is $183.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $70.70 billion, a PE ratio of 13.00, a PEG ratio of 1.55 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.47 by $0.04. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 3.58%. The PNC Financial Services Group’s dividend payout ratio is currently 45.20%.

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.