Red Wave Investments LLC Grows Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Red Wave Investments LLC increased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,907 shares of the financial services provider’s stock after acquiring an additional 58 shares during the period. Red Wave Investments LLC’s holdings in The PNC Financial Services Group were worth $353,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Concurrent Investment Advisors LLC boosted its position in shares of The PNC Financial Services Group by 45.6% during the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock valued at $1,185,000 after buying an additional 2,009 shares during the period. BSN CAPITAL PARTNERS Ltd purchased a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $12,548,000. Bleakley Financial Group LLC boosted its position in shares of The PNC Financial Services Group by 9.0% during the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock valued at $2,913,000 after buying an additional 1,299 shares during the period. Deerfield Management Company L.P. Series C purchased a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $822,000. Finally, Manning & Napier Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $18,159,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $216.01, for a total transaction of $268,284.42. Following the completion of the transaction, the chief executive officer now owns 533,765 shares of the company’s stock, valued at approximately $115,298,577.65. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,788 shares of company stock worth $5,613,814. Insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PNC. Piper Sandler lifted their price target 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. Citigroup lifted their price target 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. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Stephens lifted their price target on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Barclays lifted 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 research note on Wednesday, October 16th. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $193.96.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $207.91 on Thursday. The PNC Financial Services Group, Inc. has a one year low of $138.46 and a one year high of $216.26. 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 firm has a market cap of $82.49 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 2.19 and a beta of 1.15. The firm’s fifty day moving average is $195.60 and its two-hundred day moving average is $177.70.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.60 earnings per share. Research analysts expect that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.08%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 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.