Corient Private Wealth LP Invests $89.01 Million in The PNC Financial Services Group, Inc $PNC

Corient Private Wealth LP acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 361,525 shares of the financial services provider’s stock, valued at approximately $89,014,000. Corient Private Wealth LP owned 0.09% of The PNC Financial Services Group as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PNC. Brighton Jones LLC boosted its stake in 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 valued at $779,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC raised its holdings in shares of The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after buying an additional 170 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after buying an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in shares of The PNC Financial Services Group by 1.5% during the second 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 period. Finally, Diversify Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $482,000. 83.53% of the stock is currently owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 6,654 shares of company stock valued at $1,627,011. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $245.04 on Thursday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $97.76 billion, a PE ratio of 13.49, a P/E/G ratio of 0.97 and a beta of 0.91. The company’s 50 day simple moving average is $248.99 and its 200 day simple moving average is $229.52.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.85 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group’s payout ratio is 44.03%.

Analyst Ratings Changes

Several analysts recently commented on PNC shares. Argus raised their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Robert W. Baird boosted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Citigroup increased their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Barclays raised their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Company Profile

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.