Ascent Wealth Partners LLC Acquires New Shares in The PNC Financial Services Group, Inc. (NYSE:PNC)

Ascent Wealth Partners LLC acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 2,000 shares of the financial services provider’s stock, valued at approximately $386,000.

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 stake in shares of The PNC Financial Services Group during the 4th quarter valued at $25,000. Richardson Financial Services Inc. raised its stake in shares of The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 140 shares during the period. Albion Financial Group UT bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $30,000. Synergy Asset Management LLC purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, Valley Wealth Managers Inc. grew its position in The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $209.24, for a total value of $259,876.08. Following the completion of the sale, the chief executive officer now owns 532,523 shares in the company, valued at approximately $111,425,112.52. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 12,420 shares of company stock worth $2,474,722. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Price Performance

PNC opened at $187.90 on Friday. The stock’s 50 day simple moving average is $196.08 and its 200 day simple moving average is $191.80. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The firm has a market cap of $74.55 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.55 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the company earned $3.16 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.41%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.55%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PNC. Barclays boosted their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Piper Sandler boosted their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Truist Financial boosted their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Finally, Citigroup upped their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $205.00.

The PNC Financial Services Group 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.