FORVIS Wealth Advisors LLC Purchases 662 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

FORVIS Wealth Advisors LLC increased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 24.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,326 shares of the financial services provider’s stock after acquiring an additional 662 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in The PNC Financial Services Group were worth $537,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PNC. AQR Capital Management LLC boosted its stake in The PNC Financial Services Group by 144.2% during the 3rd quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock worth $14,032,000 after acquiring an additional 67,490 shares during the last quarter. Alps Advisors Inc. acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $351,000. Scotia Capital Inc. boosted its holdings in shares of The PNC Financial Services Group by 11.7% in the third quarter. Scotia Capital Inc. now owns 10,458 shares of the financial services provider’s stock valued at $1,284,000 after buying an additional 1,094 shares during the period. Schroder Investment Management Group boosted its holdings in shares of The PNC Financial Services Group by 4.4% in the third quarter. Schroder Investment Management Group now owns 53,954 shares of the financial services provider’s stock valued at $6,624,000 after buying an additional 2,253 shares during the period. Finally, Riggs Asset Managment Co. Inc. boosted its holdings in shares of The PNC Financial Services Group by 17.5% in the third quarter. Riggs Asset Managment Co. Inc. now owns 638 shares of the financial services provider’s stock valued at $78,000 after buying an additional 95 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $1.05 on Thursday, hitting $157.79. 914,084 shares of the stock were exchanged, compared to its average volume of 1,441,293. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The business’s fifty day moving average is $155.21 and its 200 day moving average is $153.05. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The company has a market capitalization of $62.79 billion, a PE ratio of 13.25, a P/E/G ratio of 2.26 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the firm posted $3.98 earnings per share. The company’s quarterly revenue was down 8.2% compared to the same quarter last year. Research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.65 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be given a $1.60 dividend. The ex-dividend date is Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 4.06%. The PNC Financial Services Group’s dividend payout ratio is presently 52.06%.

Insider Activity

In other news, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the transaction, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The disclosure for this sale can be found here. Insiders have sold 2,132 shares of company stock valued at $328,809 over the last ninety days. 0.42% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PNC shares. Bank of America upped their price target on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price target for the company from $141.00 to $155.00 in a report on Thursday, March 28th. The Goldman Sachs Group increased their target price on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a report on Monday, April 1st. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Finally, Jefferies Financial Group increased their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $158.56.

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.