Sax Wealth Advisors LLC Acquires New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sax Wealth Advisors LLC bought a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,588 shares of the financial services provider’s stock, valued at approximately $306,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Merit Financial Group LLC grew its holdings in shares of The PNC Financial Services Group by 572.1% during the 4th quarter. Merit Financial Group LLC now owns 11,157 shares of the financial services provider’s stock valued at $2,152,000 after purchasing an additional 9,497 shares during the last quarter. CNB Bank grew its stake in shares of The PNC Financial Services Group by 12.1% during the fourth quarter. CNB Bank now owns 4,224 shares of the financial services provider’s stock valued at $815,000 after buying an additional 456 shares during the last quarter. Avanza Fonder AB purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at about $5,652,000. Everpar Advisors LLC boosted its holdings in The PNC Financial Services Group by 1.8% during the 4th quarter. Everpar Advisors LLC now owns 4,389 shares of the financial services provider’s stock valued at $846,000 after acquiring an additional 77 shares during the period. Finally, Empirical Asset Management LLC increased its stake in The PNC Financial Services Group by 7.2% in the 4th quarter. Empirical Asset Management LLC now owns 14,100 shares of the financial services provider’s stock worth $2,719,000 after purchasing an additional 943 shares during the period. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $198.36 on Friday. The company has a 50 day simple moving average of $201.40 and a two-hundred day simple moving average of $187.03. The PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26. The company has a market capitalization of $78.71 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 1.77 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter last year, the company earned $3.16 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts expect that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 54.10%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Piper Sandler upped their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup raised their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Barclays upped their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $205.00.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now directly owns 915 shares in the company, valued at $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,030 shares of company stock worth $5,928,202. 0.42% of the stock is owned by corporate insiders.

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.