Sonora Investment Management Group LLC Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sonora Investment Management Group LLC raised its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,346 shares of the financial services provider’s stock after buying an additional 1,402 shares during the period. Sonora Investment Management Group LLC’s holdings in The PNC Financial Services Group were worth $14,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 14.2% during the 2nd quarter. AQR Capital Management LLC now owns 45,448 shares of the financial services provider’s stock worth $6,983,000 after buying an additional 5,640 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in The PNC Financial Services Group by 9.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 39,397 shares of the financial services provider’s stock worth $6,125,000 after acquiring an additional 3,240 shares during the last quarter. Quarry LP lifted its holdings in shares of The PNC Financial Services Group by 141.7% in the second quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 170 shares in the last quarter. EP Wealth Advisors LLC grew its position in shares of The PNC Financial Services Group by 11.9% in the second quarter. EP Wealth Advisors LLC now owns 3,725 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 395 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of The PNC Financial Services Group by 4.2% during the 2nd quarter. Cetera Investment Advisers now owns 117,328 shares of the financial services provider’s stock worth $18,242,000 after purchasing an additional 4,745 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

PNC stock opened at $202.08 on Friday. The stock has a 50-day simple moving average of $200.11 and a 200-day simple moving average of $189.35. The firm has a market cap of $80.18 billion, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. 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 earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same period in the previous year, the company posted $3.16 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts predict that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $208.12, for a total transaction of $258,485.04. Following the transaction, the chief executive officer now directly owns 536,249 shares in the company, valued at $111,604,141.88. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’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 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 position. The disclosure for this sale can be found here. Insiders have sold 28,171 shares of company stock worth $5,786,210 in the last three months. 0.42% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of analyst reports. Morgan Stanley increased their target price on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Barclays lifted their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 16th. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Finally, Evercore ISI lifted their target price 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $205.00.

The PNC Financial Services Group Company Profile

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.