Gen Wealth Partners Inc Cuts Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Gen Wealth Partners Inc cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 22.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 753 shares of the financial services provider’s stock after selling 219 shares during the quarter. Gen Wealth Partners Inc’s holdings in The PNC Financial Services Group were worth $132,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. American Century Companies Inc. boosted its position in shares of The PNC Financial Services Group by 30.4% in the 1st quarter. American Century Companies Inc. now owns 1,086,589 shares of the financial services provider’s stock worth $190,990,000 after purchasing an additional 253,154 shares in the last quarter. Ethic Inc. boosted its position in shares of The PNC Financial Services Group by 5.5% in the 1st quarter. Ethic Inc. now owns 80,710 shares of the financial services provider’s stock worth $14,095,000 after purchasing an additional 4,217 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of The PNC Financial Services Group by 33.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,464 shares of the financial services provider’s stock worth $433,000 after purchasing an additional 619 shares in the last quarter. Leigh Baldwin & CO. LLC boosted its position in shares of The PNC Financial Services Group by 1.0% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 8,144 shares of the financial services provider’s stock worth $1,431,000 after purchasing an additional 81 shares in the last quarter. Finally, Horizon Investments LLC boosted its position in shares of The PNC Financial Services Group by 5.9% in the 1st quarter. Horizon Investments LLC now owns 13,094 shares of the financial services provider’s stock worth $2,278,000 after purchasing an additional 728 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an “underweight” rating in a research report on Thursday, July 17th. Wolfe Research reissued a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Oppenheimer raised The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $238.00 price objective for the company in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $214.17.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares of the company’s stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $191.30 on Friday. The stock has a market cap of $75.34 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.44 and a beta of 1.09. The business has a 50-day simple moving average of $188.97 and a 200-day simple moving average of $179.71. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.39 EPS. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a $1.70 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group’s payout ratio is presently 46.51%.

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.