Kingsview Wealth Management LLC Buys New Stake in The PNC Financial Services Group, Inc $PNC

Kingsview Wealth Management LLC purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,241 shares of the financial services provider’s stock, valued at approximately $4,984,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cvfg LLC lifted its holdings in shares of The PNC Financial Services Group by 2.5% in the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after buying an additional 43 shares during the period. Trust Asset Management LLC grew its holdings in The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after acquiring an additional 43 shares during the period. Baron Wealth Management LLC grew its holdings in The PNC Financial Services Group by 3.0% during the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock worth $325,000 after acquiring an additional 46 shares during the period. Atom Investors LP raised its position in The PNC Financial Services Group by 1.8% during the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock valued at $529,000 after acquiring an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. raised its position in The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock valued at $2,847,000 after acquiring an additional 48 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.5%

Shares of PNC opened at $242.24 on Friday. The firm has a market cap of $96.64 billion, a P/E ratio of 13.33, a PEG ratio of 0.97 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 stock’s 50 day moving average is $249.40 and its two-hundred day moving average is $229.61. 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 PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the prior year, the company posted $3.85 EPS. The business’s quarterly revenue was up 21.4% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNC. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Argus boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Oppenheimer increased their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Robert W. Baird raised their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, Barclays lifted their price objective on shares of 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 investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated 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 $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,654 shares of company stock valued at $1,627,011 over the last ninety days. Corporate 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.