High Falls Advisors Inc Takes Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

High Falls Advisors Inc bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 2,004 shares of the financial services provider’s stock, valued at approximately $370,000.

Several other hedge funds have also recently bought and sold shares of the business. Continuum Advisory LLC raised its stake in shares of The PNC Financial Services Group by 115.5% in the 3rd quarter. Continuum Advisory LLC now owns 864 shares of the financial services provider’s stock valued at $160,000 after acquiring an additional 463 shares during the period. LRI Investments LLC increased its holdings in The PNC Financial Services Group by 171.8% in the 3rd quarter. LRI Investments LLC now owns 4,270 shares of the financial services provider’s stock valued at $789,000 after purchasing an additional 2,699 shares in the last quarter. Groupama Asset Managment raised its position in The PNC Financial Services Group by 9.8% in the third quarter. Groupama Asset Managment now owns 139,600 shares of the financial services provider’s stock valued at $25,805,000 after purchasing an additional 12,437 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of The PNC Financial Services Group by 5.2% during the third quarter. Nomura Asset Management Co. Ltd. now owns 120,022 shares of the financial services provider’s stock worth $22,186,000 after purchasing an additional 5,925 shares in the last quarter. Finally, MML Investors Services LLC boosted its position in shares of The PNC Financial Services Group by 8.7% in the third quarter. MML Investors Services LLC now owns 109,686 shares of the financial services provider’s stock worth $20,275,000 after buying an additional 8,737 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $209.24, for a total transaction of $259,876.08. Following the completion of the transaction, the chief executive officer now directly owns 532,523 shares in the company, valued at approximately $111,425,112.52. 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 accessible through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction on Tuesday, October 22nd. The stock was 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 of the company’s stock, valued at approximately $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,030 shares of company stock worth $5,873,691. 0.42% of the stock is currently owned by insiders.

Analyst Ratings Changes

PNC has been the topic of several recent research reports. Piper Sandler boosted their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays raised their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock 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 issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $195.84.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $204.49 on Tuesday. The firm has a market cap of $81.14 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26. The firm’s 50-day simple moving average is $197.02 and its 200-day simple moving average is $178.93. 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 released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.60 EPS. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.13%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 54.10%.

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.