Revolve Wealth Partners LLC Makes New $970,000 Investment in The PNC Financial Services Group, Inc $PNC

Revolve Wealth Partners LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,939 shares of the financial services provider’s stock, valued at approximately $970,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Vanguard Group Inc. increased its holdings in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. State Street Corp lifted its stake in The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after buying an additional 77,302 shares during the period. Capital International Investors boosted its holdings in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its position in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after buying an additional 30,078 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

PNC opened at $251.26 on Tuesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $100.24 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.00 and a beta of 0.91. The firm’s fifty day moving average price is $244.21 and its two-hundred day moving average price is $227.56. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.13.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal 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 dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated 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 owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last 90 days. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Bank of America increased their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Argus raised their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Company Profile

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.