Lighthouse Investment Partners LLC Buys Shares of 89,650 The PNC Financial Services Group, Inc. (NYSE:PNC)

Lighthouse Investment Partners LLC purchased a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, Holdings Channel.com reports. The fund purchased 89,650 shares of the financial services provider’s stock, valued at approximately $17,289,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PNC. Winch Advisory Services LLC purchased a new stake in The PNC Financial Services Group during the fourth quarter worth about $25,000. Richardson Financial Services Inc. increased its stake in The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 140 shares during the period. Albion Financial Group UT purchased a new stake in The PNC Financial Services Group during the fourth quarter worth about $30,000. Synergy Asset Management LLC purchased a new stake in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, Rialto Wealth Management LLC purchased a new stake in The PNC Financial Services Group during the fourth quarter worth about $32,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $166.44 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market cap of $65.84 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The company’s 50 day simple moving average is $164.74 and its 200-day simple moving average is $186.55. The PNC Financial Services Group, Inc. has a 12-month low of $145.12 and a 12-month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.85%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 45.20%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $150.50, for a total transaction of $96,470.50. Following the completion of the sale, the chief executive officer now directly owns 562,291 shares of the company’s stock, valued at $84,624,795.50. This trade represents a 0.11% 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, Director Martin Pfinsgraff purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, April 25th. The shares were bought at an average cost of $158.22 per share, with a total value of $158,220.00. Following the completion of the acquisition, the director now owns 2,009 shares of the company’s stock, valued at approximately $317,863.98. This trade represents a 99.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 13,662 shares of company stock worth $2,322,006. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNC. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their price target for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Truist Financial cut their target price on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th. The Goldman Sachs Group cut their target price on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company cut their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Finally, Morgan Stanley cut their target price on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $200.88.

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.