Merit Financial Group LLC Purchases 9,497 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Merit Financial Group LLC raised its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 572.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,157 shares of the financial services provider’s stock after acquiring an additional 9,497 shares during the quarter. Merit Financial Group LLC’s holdings in The PNC Financial Services Group were worth $2,152,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Winch Advisory Services LLC bought a new position in The PNC Financial Services Group in the fourth quarter valued at $25,000. Valley Wealth Managers Inc. grew its holdings in shares of The PNC Financial Services Group by 20,000.0% in the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $51,000. Quarry LP raised its holdings in The PNC Financial Services Group by 141.7% during the second quarter. Quarry LP now owns 290 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 170 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in The PNC Financial Services Group by 231.6% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 220 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday. The Goldman Sachs Group lifted their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Barclays raised their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $205.00.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now directly owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $216.01, for a total value of $268,284.42. Following the transaction, the chief executive officer now directly owns 533,765 shares of the company’s stock, valued at approximately $115,298,577.65. The trade was a 0.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,030 shares of company stock valued at $5,928,202 in the last ninety days. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $198.36 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month high of $216.26. The company’s 50 day moving average price is $201.40 and its two-hundred day moving average price is $187.23. The firm has a market cap of $78.71 billion, a PE ratio of 16.77, a PEG ratio of 1.77 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $3.16 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.23%. The PNC Financial Services Group’s dividend payout ratio is 54.10%.

The PNC Financial Services Group Company Profile

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.