Raymond James Financial Services Advisors Inc. Buys 6,877 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Posted by Defense World Staff on Jun 29th, 2023

Raymond James Financial Services Advisors Inc. increased its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 4.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 158,552 shares of the financial services provider’s stock after acquiring an additional 6,877 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in The PNC Financial Services Group were worth $20,152,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Retirement Financial Solutions LLC purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Elequin Securities LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $28,000. Affiance Financial LLC bought a new position in The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Carolinas Wealth Consulting LLC increased its holdings in The PNC Financial Services Group by 2.5% during the 3rd quarter. Carolinas Wealth Consulting LLC now owns 4,072 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 101 shares during the period. Finally, AXS Investments LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth $36,000. Institutional investors own 79.27% of the company’s stock.

The PNC Financial Services Group Trading Down 0.4 %

Shares of NYSE:PNC opened at $123.56 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.24. The PNC Financial Services Group, Inc. has a 12-month low of $110.31 and a 12-month high of $176.34. The business has a 50 day moving average of $121.92 and a two-hundred day moving average of $138.69. The company has a market capitalization of $49.31 billion, a PE ratio of 8.45, a PEG ratio of 1.10 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC – Free Report) last posted its earnings results on Friday, April 14th. The financial services provider reported $3.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.38. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 23.95% and a return on equity of 13.41%. The business’s revenue was up 19.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.29 EPS. As a group, analysts forecast that The PNC Financial Services Group, Inc. will post 13.91 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 5th. Investors of record on Tuesday, April 18th were paid a $1.50 dividend. The ex-dividend date was Monday, April 17th. This represents a $6.00 annualized dividend and a dividend yield of 4.86%. The PNC Financial Services Group’s dividend payout ratio is presently 41.04%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, Director Joseph Alvarado acquired 1,000 shares of the business’s stock in a transaction dated Friday, April 21st. The stock was acquired at an average cost of $123.89 per share, for a total transaction of $123,890.00. Following the completion of the transaction, the director now directly owns 1,100 shares of the company’s stock, valued at $136,279. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Joseph Alvarado bought 1,000 shares of the company’s stock in a transaction dated Friday, April 21st. The shares were acquired at an average price of $123.89 per share, for a total transaction of $123,890.00. Following the completion of the transaction, the director now directly owns 1,100 shares in the company, valued at $136,279. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bryan Scott Salesky purchased 400 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, June 7th. The shares were bought at an average price of $127.10 per share, with a total value of $50,840.00. Following the transaction, the director now owns 410 shares in the company, valued at $52,111. The disclosure for this purchase can be found here. 0.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on PNC shares. Keefe, Bruyette & Woods dropped their target price on shares of The PNC Financial Services Group from $125.00 to $120.00 and set an “underperform” rating on the stock in a report on Monday, April 17th. UBS Group lifted their price objective on shares of The PNC Financial Services Group from $130.00 to $134.00 and gave the stock a “neutral” rating in a research report on Monday, April 17th. Morgan Stanley decreased their target price on shares of The PNC Financial Services Group from $163.00 to $137.00 and set an “underweight” rating for the company in a research report on Wednesday, April 5th. Royal Bank of Canada cut their price target on shares of The PNC Financial Services Group from $185.00 to $167.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Finally, Credit Suisse Group decreased their price objective on The PNC Financial Services Group from $165.00 to $145.00 in a report on Tuesday, April 18th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $162.04.

About The PNC Financial Services Group

(Free Report)

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 certificates of 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.