Storen Legacy Partners LLC Takes $469,000 Position in The PNC Financial Services Group, Inc $PNC

Storen Legacy Partners LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,248 shares of the financial services provider’s stock, valued at approximately $469,000.

A number of other institutional investors have also recently added to or reduced their stakes in PNC. Monetary Solutions Ltd acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the third quarter worth about $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth about $29,000. Kemnay Advisory Services Inc. purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth about $32,000. Finally, EFG International AG acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $33,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 0.1%

Shares of NYSE PNC opened at $232.39 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a 1 year low of $176.16 and a 1 year high of $243.94. The stock’s 50-day simple moving average is $222.68 and its 200-day simple moving average is $217.55. The firm has a market cap of $93.32 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.95 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the business posted $3.51 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend 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 Activity

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on 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 sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PNC has been the topic of several analyst reports. Truist Financial raised their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a report on Thursday, April 16th. Stephens initiated coverage on The PNC Financial Services Group in a report on Monday, June 15th. They issued an “overweight” rating and a $265.00 price target for the company. Citigroup increased their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $246.72.

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.