Boothe Investment Group Inc. Purchases New Stake in The PNC Financial Services Group, Inc $PNC

Boothe Investment Group Inc. acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,747 shares of the financial services provider’s stock, valued at approximately $572,000.

A number of other hedge funds have also recently added to or reduced their stakes in PNC. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group in the 3rd quarter worth about $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC grew its position in shares of The PNC Financial Services Group by 93.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after buying an additional 71 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction 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. The trade was a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock worth $10,694,574 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 0.1%

Shares of The PNC Financial Services Group stock opened at $248.74 on Friday. The business’s fifty day moving average price is $239.63 and its two-hundred day moving average price is $225.84. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $99.89 billion, a P/E ratio of 13.69, a PEG ratio of 0.99 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.66 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 earnings per share. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

Analysts Set New Price Targets

Several research firms recently weighed in on PNC. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Argus upped their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target on the stock. in a research report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

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.