Financial Counselors Inc. Buys 2,995 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC) (2024)

Financial Counselors Inc. boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,738 shares of the financial services provider's stock after acquiring an additional 2,995 shares during the quarter. Financial Counselors Inc.'s holdings in The PNC Financial Services Group were worth $20,327,000 as of its most recent SEC filing.

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Other hedge funds have also recently bought and sold shares of the company. Gilbert & Cook Inc. grew its holdings in shares of The PNC Financial Services Group by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 2,984 shares of the financial services provider's stock worth $462,000 after purchasing an additional 107 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of The PNC Financial Services Group by 2.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 188,681 shares of the financial services provider's stock worth $29,217,000 after purchasing an additional 4,971 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of The PNC Financial Services Group by 66.9% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 18,552 shares of the financial services provider's stock worth $2,872,000 after purchasing an additional 7,435 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of The PNC Financial Services Group by 63.4% during the fourth quarter. Merit Financial Group LLC now owns 4,488 shares of the financial services provider's stock worth $695,000 after purchasing an additional 1,742 shares during the last quarter. Finally, LSV Asset Management grew its holdings in shares of The PNC Financial Services Group by 8.1% during the fourth quarter. LSV Asset Management now owns 27,900 shares of the financial services provider's stock worth $4,320,000 after purchasing an additional 2,100 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Up 1.1 %

NYSE:PNC traded up $2.05 during mid-day trading on Monday, hitting $185.09. The company had a trading volume of 1,978,200 shares, compared to its average volume of 1,889,618. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $185.57. The business's fifty day moving average is $170.16 and its two-hundred day moving average is $159.53. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $73.57 billion, a P/E ratio of 15.54, a P/E/G ratio of 2.05 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts' consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group's revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.36 earnings per share. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.46%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.55. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 53.74%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the firm's stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the sale, the chief executive officer now owns 567,682 shares of the company's stock, valued at $86,900,760.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the sale, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $176.15, for a total transaction of $218,778.30. Following the completion of the sale, the chief executive officer now directly owns 555,943 shares in the company, valued at approximately $97,929,359.45. The disclosure for this sale can be found here. Insiders have sold a total of 24,021 shares of company stock valued at $4,190,611 over the last 90 days. 0.42% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PNC has been the topic of several research analyst reports. Bank of America upgraded The PNC Financial Services Group from a "neutral" rating to a "buy" rating and increased their target price for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Barclays raised their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an "overweight" rating in a report on Wednesday, July 17th. Citigroup raised their price target on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, July 17th. Royal Bank of Canada raised their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an "outperform" rating in a report on Wednesday, July 17th. Finally, Morgan Stanley raised their price target on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an "underweight" rating in a report on Tuesday, July 30th. 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $177.02.

Check Out Our Latest Stock Analysis on The PNC Financial Services Group

The PNC Financial Services Group 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.

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