The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Forum Financial Management LP

Forum Financial Management LP boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 21.0% during the 4th quarter, Holdings Channel reports. The fund owned 6,365 shares of the financial services provider’s stock after acquiring an additional 1,103 shares during the quarter. Forum Financial Management LP’s holdings in The PNC Financial Services Group were worth $1,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the business. Baltimore Washington Financial Advisors Inc. increased its position in The PNC Financial Services Group by 3.1% in the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in The PNC Financial Services Group by 2.4% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after acquiring an additional 53 shares during the period. Transcend Capital Advisors LLC increased its position in The PNC Financial Services Group by 1.8% in the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after acquiring an additional 55 shares during the period. Valmark Advisers Inc. increased its position in The PNC Financial Services Group by 1.4% in the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock valued at $773,000 after acquiring an additional 56 shares during the period. Finally, Gilbert & Cook Inc. increased its position in The PNC Financial Services Group by 2.1% in the 4th quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider’s stock valued at $537,000 after acquiring an additional 58 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNC has been the topic of several analyst reports. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. JPMorgan Chase & Co. lowered their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group lowered their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Truist Financial lowered their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company lowered their price target on 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. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $202.67.

The PNC Financial Services Group Stock Performance

PNC opened at $171.87 on Friday. The firm has a market cap of $67.99 billion, a PE ratio of 12.50, a P/E/G ratio of 1.55 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $165.13 and a 200-day simple moving average of $185.63. The PNC Financial Services Group, Inc. has a fifty-two week low of $145.12 and a fifty-two week high of $216.26.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.72%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 45.20%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $190.18, for a total value of $236,203.56. Following the completion of the sale, the chief executive officer now owns 569,783 shares of the company’s stock, valued at $108,361,330.94. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Martin Pfinsgraff bought 1,000 shares of the firm’s stock in a transaction dated Friday, April 25th. The stock was acquired at an average cost of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director now owns 2,009 shares of the company’s stock, valued at $317,863.98. This trade represents a 99.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 16,396 shares of company stock valued at $2,773,072 over the last quarter. Company insiders own 0.41% of the company’s stock.

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.