West Family Investments Inc. Makes New $613,000 Investment in The PNC Financial Services Group, Inc $PNC

West Family Investments Inc. purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,489 shares of the financial services provider’s stock, valued at approximately $613,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Truist Financial Corp increased its holdings in shares of The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after buying an additional 39,589 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC lifted its holdings in shares of The PNC Financial Services Group by 59.1% during the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after acquiring an additional 8,818 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in The PNC Financial Services Group in the fourth quarter worth $35,124,000. Finally, Empire Life Investments Inc. grew its position in The PNC Financial Services Group by 8.7% in the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock worth $45,319,000 after acquiring an additional 17,418 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PNC. Royal Bank Of Canada increased their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Barclays upped their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research 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 objective on the stock. in a report on Thursday, July 23rd. Finally, Oppenheimer boosted their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. 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 stock has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $246.56 on Thursday. The firm has a fifty day simple moving average of $248.01 and a two-hundred day simple moving average of $229.11. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The company has a market capitalization of $98.36 billion, a PE ratio of 13.57, a P/E/G ratio of 1.01 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating 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 firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the previous year, the company posted $3.85 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. Research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stacy M. Juchno sold 3,354 shares of the company’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 owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 51,654 shares of company stock worth $11,552,661. 0.38% of the stock is currently owned by insiders.

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.