Principle Wealth Partners LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Principle Wealth Partners LLC purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,716 shares of the financial services provider’s stock, valued at approximately $5,839,000.

Other institutional investors have also made changes to their positions in the company. UP Strategic Wealth Investment Advisors LLC purchased a new position in The PNC Financial Services Group during the second quarter valued at approximately $211,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $241,013,000. OneDigital Investment Advisors LLC purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $1,543,000. Plato Investment Management Ltd acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $2,041,000. Finally, Bell Investment Advisors Inc acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $150,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.9%

The PNC Financial Services Group stock opened at $254.65 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The firm’s fifty day simple moving average is $247.28 and its 200-day simple moving average is $228.73. The company has a market capitalization of $101.59 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the company posted $3.85 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid 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 3.1%. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

Insider Buying and Selling

In related news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value 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 disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 51,654 shares of company stock worth $11,552,661. Insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PNC. UBS Group upped their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Robert W. Baird lifted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Barclays lifted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Argus upped their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus 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.