New England Investment & Retirement Group Inc. Makes New $2.86 Million Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)


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New England Investment & Retirement Group Inc. purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 16,296 shares of the financial services provider’s stock, valued at approximately $2,858,000.

Other large investors also recently bought and sold shares of the company. Sugarloaf Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $26,000. Vantage Consulting Group Inc acquired a new position in The PNC Financial Services Group during the fourth quarter valued at $27,000. Clark Financial Advisors acquired a new position in The PNC Financial Services Group during the fourth quarter valued at $29,000. Accel Wealth Management acquired a new position in The PNC Financial Services Group during the fourth quarter valued at $29,000. Finally, MPS Loria Financial Planners LLC acquired a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

In other The PNC Financial Services Group news, EVP Karen L. Larrimer sold 3,205 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, February 5th. The shares were sold at an average price of $156.92, for a total transaction of $502,928.60. Following the transaction, the executive vice president now directly owns 24,580 shares of the company’s stock, valued at $3,857,093.60. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 3,455 shares of company stock valued at $546,810. 0.30% of the stock is owned by insiders.

Shares of NYSE PNC traded down $0.35 during midday trading on Tuesday, reaching $187.77. 1,385 shares of the stock were exchanged, compared to its average volume of 1,959,431. The company has a market capitalization of $79.62 billion, a P/E ratio of 11.26, a P/E/G ratio of 3.33 and a beta of 1.38. The PNC Financial Services Group, Inc. has a 52-week low of $93.27 and a 52-week high of $189.43. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.79. The stock has a 50 day moving average price of $178.40 and a 200-day moving average price of $153.75.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, April 15th. The financial services provider reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.75 by $1.35. The PNC Financial Services Group had a net margin of 38.16% and a return on equity of 5.97%. The firm had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the firm earned $1.95 earnings per share. The PNC Financial Services Group’s revenue was down 6.6% compared to the same quarter last year. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 6.09 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 5th. Investors of record on Friday, April 16th will be issued a $1.15 dividend. The ex-dividend date of this dividend is Thursday, April 15th. This represents a $4.60 dividend on an annualized basis and a yield of 2.45%. The PNC Financial Services Group’s payout ratio is 40.39%.

PNC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of The PNC Financial Services Group from $150.00 to $167.00 and gave the stock a “market perform” rating in a research report on Monday, January 18th. TheStreet raised shares of The PNC Financial Services Group from a “c+” rating to a “b” rating in a research note on Friday, April 16th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $192.00 to $197.00 and gave the stock an “overweight” rating in a research note on Friday, April 16th. Citigroup boosted their target price on shares of The PNC Financial Services Group from $179.00 to $210.00 in a research note on Tuesday, April 20th. Finally, Piper Sandler cut shares of The PNC Financial Services Group from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $162.00 to $167.00 in a research note on Wednesday, January 13th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company. The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $171.05.

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. The Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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