Commonwealth Equity Services LLC Acquires 3,200 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC) (2024)

Commonwealth Equity Services LLC grew its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 187,036 shares of the financial services provider’s stock after acquiring an additional 3,200 shares during the period. Commonwealth Equity Services LLC’s holdings in The PNC Financial Services Group were worth $29,080,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PNC. Valley Brook Capital Group Inc. lifted its holdings in The PNC Financial Services Group by 0.6% during the second quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock valued at $1,648,000 after purchasing an additional 62 shares in the last quarter. Triangle Securities Wealth Management increased its stake in The PNC Financial Services Group by 1.8% in the 1st quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock worth $649,000 after buying an additional 70 shares in the last quarter. Cooper Financial Group raised its holdings in The PNC Financial Services Group by 1.7% during the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after acquiring an additional 70 shares during the period. Berkshire Bank lifted its position in shares of The PNC Financial Services Group by 2.0% in the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 71 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA grew its position in shares of The PNC Financial Services Group by 22.3% during the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 390 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 71 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

PNC stock opened at $185.09 on Monday. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $185.57. The business has a 50-day moving average price of $170.16 and a 200 day moving average price of $159.53. The company has a market capitalization of $73.57 billion, a P/E ratio of 15.54, a PEG ratio of 2.05 and a beta of 1.15. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Analysts Set New Price Targets

PNC has been the topic of several recent analyst reports. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Evercore ISI boosted their target price on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Jefferies Financial Group raised their price target on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Finally, Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $177.02.

Insider Activity

In related news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the sale, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the sale, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $167.50, for a total transaction of $208,035.00. Following the completion of the transaction, the chief executive officer now directly owns 563,395 shares in the company, valued at approximately $94,368,662.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,021 shares of company stock worth $4,190,611. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Company Profile

(Free Report)

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.