Storgate LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Storgate LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 2,740 shares of the financial services provider’s stock, valued at approximately $572,000.

Several other institutional investors also recently made changes to their positions in PNC. Brighton Jones LLC boosted its position in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares in the last quarter. Empowered Funds LLC raised its stake in shares of The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares during the last quarter. Sivia Capital Partners LLC raised its stake in shares of The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after buying an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after buying an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $482,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNC has been the subject of several research reports. Jefferies Financial Group initiated coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Oppenheimer lifted their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Truist Financial lifted their price target on The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. Finally, Bank of America lifted their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $243.11.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $237.51 on Friday. The firm has a market cap of $95.38 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The company’s 50-day moving average is $220.85 and its two-hundred day moving average is $216.10. The PNC Financial Services Group, Inc has a 12-month low of $172.73 and a 12-month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.51 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is currently owned by corporate insiders.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.