Ascent Wealth Partners LLC Makes New $386,000 Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Ascent Wealth Partners LLC bought a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,000 shares of the financial services provider’s stock, valued at approximately $386,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Loomis Sayles & Co. L P increased its holdings in The PNC Financial Services Group by 8.7% in the third quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 50 shares in the last quarter. Baltimore Washington Financial Advisors Inc. grew its stake in The PNC Financial Services Group by 3.1% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in The PNC Financial Services Group by 2.4% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after acquiring an additional 53 shares during the period. Transcend Capital Advisors LLC grew its stake in The PNC Financial Services Group by 1.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after acquiring an additional 55 shares during the period. Finally, Altman Advisors Inc. grew its stake in The PNC Financial Services Group by 0.5% in the third quarter. Altman Advisors Inc. now owns 10,506 shares of the financial services provider’s stock valued at $1,942,000 after acquiring an additional 56 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Barclays raised their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Piper Sandler raised their price objective on 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. Morgan Stanley raised their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Stephens reissued an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $205.00.

The PNC Financial Services Group Stock Down 2.1 %

PNC stock opened at $187.90 on Friday. The stock’s fifty day simple moving average is $196.08 and its two-hundred day simple moving average is $191.80. 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 PNC Financial Services Group, Inc. has a 1-year low of $143.52 and a 1-year high of $216.26. The stock has a market cap of $74.55 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.55 and a beta of 1.16.

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, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.16 earnings per share. Analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.41%. The PNC Financial Services Group’s payout ratio is presently 46.55%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $216.01, for a total value of $268,284.42. Following the sale, the chief executive officer now directly owns 533,765 shares in the company, valued at $115,298,577.65. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 12,420 shares of company stock worth $2,474,722 over the last ninety days. 0.42% of the stock is currently owned by company insiders.

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.