The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Bought by Wedmont Private Capital

Wedmont Private Capital lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 9.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,811 shares of the financial services provider’s stock after purchasing an additional 412 shares during the period. Wedmont Private Capital’s holdings in The PNC Financial Services Group were worth $909,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PNC. Salem Investment Counselors Inc. boosted its position in shares of The PNC Financial Services Group by 0.9% during the 4th quarter. Salem Investment Counselors Inc. now owns 19,849 shares of the financial services provider’s stock valued at $3,828,000 after acquiring an additional 168 shares during the last quarter. Asset Allocation & Management Company LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at about $227,000. Capital Investment Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $330,000. Brookstone Capital Management increased its holdings in shares of The PNC Financial Services Group by 14.1% during the 4th quarter. Brookstone Capital Management now owns 15,394 shares of the financial services provider’s stock worth $2,969,000 after buying an additional 1,908 shares during the last quarter. Finally, City State Bank raised its position in shares of The PNC Financial Services Group by 59.4% during the 4th quarter. City State Bank now owns 1,132 shares of the financial services provider’s stock valued at $218,000 after buying an additional 422 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent analyst reports. Piper Sandler raised their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Barclays lifted their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Stephens boosted their price target on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $203.29.

Insider Activity

In related news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This represents a 48.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,272 shares of company stock worth $6,164,890. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $195.81 on Wednesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $77.69 billion, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 2.11 and a beta of 1.16. The stock’s 50-day moving average is $201.75 and its two-hundred day moving average is $186.58. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the firm earned $3.60 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

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.