Mechanics Financial Corp Invests $541,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Mechanics Financial Corp acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 4th quarter, Holdings Channel.com reports. The firm acquired 2,805 shares of the financial services provider’s stock, valued at approximately $541,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. 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. grew its stake in shares of 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 bought a new stake in The PNC Financial Services Group in the fourth quarter valued at about $30,000. Rialto Wealth Management LLC bought a new position in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, Synergy Asset Management LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $32,000. 83.53% of the stock is owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $172.00, for a total transaction of $213,624.00. Following the completion of the transaction, the chief executive officer now directly owns 566,057 shares of the company’s stock, valued at approximately $97,361,804. This represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 12,420 shares of company stock valued at $2,342,313. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on PNC shares. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. 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 report on Friday. Piper Sandler boosted their price target on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, Citigroup decreased their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $204.25.

The PNC Financial Services Group Trading Down 1.8 %

NYSE PNC opened at $171.83 on Friday. The stock has a market capitalization of $68.00 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The stock’s 50 day moving average price is $187.91 and its two-hundred day moving average price is $192.01. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

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

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

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.