Texas Capital Bank Wealth Management Services Inc Invests $503,000 in The PNC Financial Services Group, Inc $PNC

Texas Capital Bank Wealth Management Services Inc bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, Holdings Channel reports. The fund bought 2,863 shares of the financial services provider’s stock, valued at approximately $503,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of The PNC Financial Services Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider’s stock worth $6,673,217,000 after buying an additional 248,252 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider’s stock worth $905,530,000 after buying an additional 608,375 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of The PNC Financial Services Group by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider’s stock worth $713,063,000 after buying an additional 186,249 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of The PNC Financial Services Group by 5.3% in the fourth quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider’s stock worth $689,084,000 after purchasing an additional 179,760 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $192.06 on Tuesday. The business’s 50-day moving average price is $189.24 and its 200-day moving average price is $179.33. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The firm has a market capitalization of $75.63 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 1.42 and a beta of 1.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts’ consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. During the same period last year, the firm posted $3.39 earnings per share. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The PNC Financial Services Group’s payout ratio is 46.51%.

Analyst Ratings Changes

A number of brokerages recently commented on PNC. 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 report on Wednesday, July 9th. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Raymond James Financial upgraded 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 report on Tuesday, July 8th. Finally, Citigroup raised their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $214.17.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated 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 of the company’s stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

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.