Morse Asset Management Inc acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,600 shares of the financial services provider’s stock, valued at approximately $481,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Loomis Sayles & Co. L P boosted its holdings in The PNC Financial Services Group by 8.7% during the third quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock worth $115,000 after buying an additional 50 shares in the last quarter. MFA Wealth Advisors LLC boosted its stake in shares of The PNC Financial Services Group by 5.4% during the 3rd quarter. MFA Wealth Advisors LLC now owns 1,082 shares of the financial services provider’s stock worth $200,000 after acquiring an additional 55 shares in the last quarter. Resonant Capital Advisors LLC grew its position in shares of The PNC Financial Services Group by 0.3% during the 3rd quarter. Resonant Capital Advisors LLC now owns 17,030 shares of the financial services provider’s stock valued at $3,148,000 after acquiring an additional 56 shares during the period. Altman Advisors Inc. increased its stake in shares of The PNC Financial Services Group by 0.5% in the 3rd quarter. Altman Advisors Inc. now owns 10,506 shares of the financial services provider’s stock valued at $1,942,000 after purchasing an additional 56 shares in the last quarter. Finally, Valley Brook Capital Group Inc. raised its holdings in The PNC Financial Services Group by 0.5% in the 3rd quarter. Valley Brook Capital Group Inc. now owns 10,655 shares of the financial services provider’s stock worth $1,969,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
The PNC Financial Services Group Trading Down 0.6 %
Shares of PNC opened at $203.26 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm has a 50-day moving average price of $197.51 and a 200 day moving average price of $179.28. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month high of $216.26. The firm has a market capitalization of $80.65 billion, a P/E ratio of 17.33, a P/E/G ratio of 2.18 and a beta of 1.15.
The PNC Financial Services Group Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on PNC. Barclays boosted their price objective on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group upped their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Piper Sandler boosted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $198.02.
View Our Latest Stock Analysis on PNC
Insider Buying and Selling
In related news, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $183.74, for a total value of $228,205.08. Following the transaction, the chief executive officer now owns 549,733 shares in the company, valued at $101,007,941.42. This trade represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,030 shares of company stock valued at $5,873,691. 0.42% of the stock is currently owned by insiders.
About The PNC Financial Services Group
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.
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