Sagespring Wealth Partners LLC Takes $946,000 Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sagespring Wealth Partners LLC bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,905 shares of the financial services provider’s stock, valued at approximately $946,000.

Other hedge funds have also modified their holdings of the company. Mechanics Financial Corp acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $541,000. AssuredPartners Investment Advisors LLC acquired a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $739,000. Premier Fund Managers Ltd lifted its position in The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock worth $9,511,000 after acquiring an additional 13,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after purchasing an additional 8,081 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 48.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock worth $5,160,000 after buying an additional 8,735 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.4 %

Shares of NYSE PNC opened at $151.57 on Monday. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. The company has a market cap of $59.98 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. 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 firm’s 50-day simple moving average is $178.30 and its 200 day simple moving average is $190.22.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations 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 PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.16 EPS. On average, research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a $1.60 dividend. The ex-dividend date is Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 4.22%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PNC shares. HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their target price for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Morgan Stanley reduced their target price on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an “underweight” rating for the company in a research note on Monday, April 7th. Truist Financial cut their price target on The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating for the company in a report on Friday, April 4th. The Goldman Sachs Group decreased their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, Stephens restated an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $203.47.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 601 shares of the firm’s stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total value of $96,160.00. Following the transaction, the chief executive officer now directly owns 563,573 shares in the company, valued at $90,171,680. This trade represents a 0.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 12,420 shares of company stock valued at $2,276,870. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Company 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.