Parr Mcknight Wealth Management Group LLC Purchases Shares of 12,244 The PNC Financial Services Group, Inc $PNC

Parr Mcknight Wealth Management Group LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 12,244 shares of the financial services provider’s stock, valued at approximately $2,548,000.

A number of other large investors also recently modified their holdings of PNC. Vanguard Group Inc. grew its holdings in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. State Street Corp boosted its holdings in The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after acquiring an additional 77,302 shares during the last quarter. Capital International Investors boosted its holdings in The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares during the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $1,967,080,000. Finally, Geode Capital Management LLC grew its stake in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after acquiring an additional 30,078 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 0.0%

Shares of PNC opened at $251.99 on Monday. The business has a 50-day moving average of $229.90 and a 200 day moving average of $222.12. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.00. The firm has a market cap of $101.19 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 1.03 and a beta of 0.91. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.51 earnings per share. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 18.83 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 39.51%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a research note on Monday, July 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Morgan Stanley upped their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.09.

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.