NewEdge Wealth LLC Raises Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

NewEdge Wealth LLC boosted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,139 shares of the financial services provider’s stock after acquiring an additional 1,058 shares during the period. NewEdge Wealth LLC’s holdings in The PNC Financial Services Group were worth $3,884,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Winch Advisory Services LLC purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $25,000. Richardson Financial Services Inc. lifted its position in The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 140 shares during the period. Albion Financial Group UT purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $30,000. Synergy Asset Management LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $32,000. Finally, Financial Life Planners purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $37,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $192.05 on Friday. The firm has a 50 day moving average of $195.42 and a 200 day moving average of $192.32. 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 $76.00 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.55 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $3.16 earnings per share. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.33%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $209.24, for a total transaction of $259,876.08. Following the completion of the sale, the chief executive officer now directly owns 532,523 shares in the company, valued at approximately $111,425,112.52. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 12,420 shares of company stock worth $2,445,461. 0.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent analyst reports. Stephens reaffirmed an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a report on Friday, January 17th. Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup lifted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $205.00.

About The PNC Financial Services Group

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.