The PNC Financial Services Group, Inc. (NYSE:PNC) is JGP Wealth Management LLC’s 8th Largest Position

JGP Wealth Management LLC increased its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 101,271 shares of the financial services provider’s stock after acquiring an additional 304 shares during the period. The PNC Financial Services Group comprises approximately 2.5% of JGP Wealth Management LLC’s holdings, making the stock its 8th largest position. JGP Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $19,530,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. Winch Advisory Services LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at $25,000. Valley Wealth Managers Inc. raised its stake in The PNC Financial Services Group by 20,000.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after buying an additional 200 shares during the last quarter. Quarry LP raised its stake in The PNC Financial Services Group by 141.7% during the 2nd quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after buying an additional 170 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at $51,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in The PNC Financial Services Group by 231.6% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock valued at $58,000 after buying an additional 220 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of 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. Evercore ISI boosted their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods upped their target price on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Barclays upped their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Truist Financial started coverage on shares of The PNC Financial Services Group in a research report on Tuesday, January 7th. They issued a “hold” rating and a $215.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $203.29.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $196.23 on Friday. 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 company has a market capitalization of $77.86 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 1.77 and a beta of 1.16. The company’s 50 day simple moving average is $201.65 and its 200 day simple moving average is $186.67. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the firm posted $3.16 earnings per share. The PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insider Transactions at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares of the company’s stock, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,030 shares of company stock valued at $5,928,202 over the last 90 days. Corporate insiders own 0.42% of the company’s stock.

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.