Norden Group LLC Raises Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Norden Group LLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 13.4% during the first quarter, Holdings Channel reports. The institutional investor owned 4,424 shares of the financial services provider’s stock after acquiring an additional 524 shares during the quarter. Norden Group LLC’s holdings in The PNC Financial Services Group were worth $778,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 65 shares during the last quarter. REAP Financial Group LLC boosted its position in The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 80 shares in the last quarter. Hoey Investments Inc. purchased a new position in The PNC Financial Services Group during the fourth quarter worth approximately $39,000. True Wealth Design LLC boosted its position in The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 59 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in The PNC Financial Services Group during the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on PNC shares. Citigroup increased their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Bank of America increased their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Truist Financial increased their target price on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a “hold” rating in a report on Wednesday, July 9th. Barclays cut their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and increased their price target for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $212.76.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares of the company’s stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,460 shares of company stock valued at $1,103,563. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $194.00 on Tuesday. The stock has a market cap of $76.74 billion, a PE ratio of 13.27, a P/E/G ratio of 1.46 and a beta of 1.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The stock has a fifty day simple moving average of $184.57 and a 200-day simple moving average of $180.22.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same period last year, the business posted $3.39 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.51%.

About The PNC Financial Services Group

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.