Elevation Point Wealth Partners LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Elevation Point Wealth Partners LLC purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,115 shares of the financial services provider’s stock, valued at approximately $2,244,000.

A number of other hedge funds also recently added to or reduced their stakes in PNC. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth $28,000. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the third quarter valued at $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the 4th quarter worth about $29,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group in the 1st quarter worth about $31,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Citigroup lifted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Royal Bank Of Canada increased their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Robert W. Baird lifted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Finally, Barclays increased their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Stock Performance

PNC opened at $243.05 on Monday. The company’s 50 day moving average is $248.28 and its 200 day moving average is $229.35. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The company has a market cap of $96.96 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the company earned $3.85 earnings per share. The firm’s revenue was up 21.4% on a year-over-year basis. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Insider Buying and Selling

In related news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Company Profile

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.