The PNC Financial Services Group, Inc (NYSE:PNC) Shares Acquired by Mechanics Financial Corp

Mechanics Financial Corp lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 82.5% during the first quarter, Holdings Channel reports. The fund owned 5,120 shares of the financial services provider’s stock after purchasing an additional 2,315 shares during the quarter. Mechanics Financial Corp’s holdings in The PNC Financial Services Group were worth $900,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Cornerstone Planning Group LLC boosted its stake in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 65 shares during the last quarter. REAP Financial Group LLC boosted its stake in shares of The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 80 shares during the last quarter. Hoey Investments Inc. acquired a new stake in The PNC Financial Services Group in the 4th quarter worth about $39,000. True Wealth Design LLC boosted its stake in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after buying an additional 59 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter worth about $35,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $192.14 on Wednesday. The company has a market cap of $76.00 billion, a P/E ratio of 13.57, a PEG ratio of 1.56 and a beta of 1.07. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The business’s 50-day simple moving average is $180.60 and its 200 day simple moving average is $180.15.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating the consensus estimate of $3.59 by $0.26. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.70 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 48.02%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,545 shares of company stock worth $1,590,080. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PNC. Raymond James Financial raised The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $220.00 price target on the stock in a research note on Tuesday, July 8th. Morgan Stanley decreased their price target on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. TD Cowen began coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a “buy” rating and a $233.00 price target on the stock. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and decreased their price target for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, Truist Financial raised their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a “hold” rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $209.11.

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.