Wealth Enhancement Advisory Services LLC lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 53.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,304 shares of the financial services provider’s stock after purchasing an additional 1,842 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in The PNC Financial Services Group were worth $674,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PNC. Norges Bank acquired a new stake in The PNC Financial Services Group during the 4th quarter worth $735,469,000. Moneta Group Investment Advisors LLC raised its stake in The PNC Financial Services Group by 122,771.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock worth $401,323,000 after acquiring an additional 2,538,916 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in The PNC Financial Services Group by 105.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,535,019 shares of the financial services provider’s stock worth $557,427,000 after acquiring an additional 1,813,876 shares in the last quarter. Morgan Stanley raised its stake in The PNC Financial Services Group by 28.7% during the 4th quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock worth $740,101,000 after acquiring an additional 1,045,055 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its stake in The PNC Financial Services Group by 7.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after acquiring an additional 860,489 shares in the last quarter. 79.27% of the stock is owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Up 0.6 %
PNC stock opened at $127.23 on Thursday. The company has a market cap of $50.78 billion, a P/E ratio of 8.70, a P/E/G ratio of 1.15 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 52 week low of $110.31 and a 52 week high of $176.34. The company’s 50-day moving average price is $122.34 and its 200 day moving average price is $136.84. 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 Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, August 5th. Investors of record on Monday, July 17th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, July 14th. This represents a $6.20 dividend on an annualized basis and a yield of 4.87%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s payout ratio is currently 41.04%.
Analysts Set New Price Targets
Several equities research analysts recently commented on the stock. 888 reiterated a “reiterates” rating on shares of The PNC Financial Services Group in a research note on Monday, June 26th. JPMorgan Chase & Co. dropped their price objective on shares of The PNC Financial Services Group from $175.00 to $151.50 and set an “overweight” rating on the stock in a research note on Monday, April 10th. Citigroup dropped their price objective on shares of The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. Keefe, Bruyette & Woods dropped their price objective on shares of The PNC Financial Services Group from $125.00 to $120.00 and set an “underperform” rating on the stock in a research note on Monday, April 17th. Finally, Credit Suisse Group dropped their price objective on shares of The PNC Financial Services Group from $165.00 to $145.00 in a research note on Tuesday, April 18th. Four analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $162.38.
Insider Buying and Selling
In other The PNC Financial Services Group news, Director Joseph Alvarado purchased 1,000 shares of The PNC Financial Services Group stock in a transaction on Friday, April 21st. The shares were bought at an average price of $123.89 per share, with a total value of $123,890.00. Following the completion of the acquisition, the director now directly owns 1,100 shares of the company’s stock, valued at $136,279. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other The PNC Financial Services Group news, Director Bryan Scott Salesky purchased 400 shares of The PNC Financial Services Group stock in a transaction 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 completion of the acquisition, the director now directly owns 410 shares of the company’s stock, valued at $52,111. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph Alvarado purchased 1,000 shares of The PNC Financial Services Group stock in a transaction on 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 acquisition, the director now directly owns 1,100 shares of the company’s stock, valued at $136,279. The disclosure for this purchase can be found here. 0.39% of the stock is owned by insiders.
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 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.
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