Wedmont Private Capital Has $829,000 Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Wedmont Private Capital reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,718 shares of the financial services provider’s stock after selling 93 shares during the quarter. Wedmont Private Capital’s holdings in The PNC Financial Services Group were worth $829,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. UMB Bank n.a. lifted its stake in shares of The PNC Financial Services Group by 0.6% in the first quarter. UMB Bank n.a. now owns 14,895 shares of the financial services provider’s stock worth $2,618,000 after acquiring an additional 91 shares during the period. Eagle Wealth Strategies LLC lifted its stake in shares of The PNC Financial Services Group by 81.4% in the first quarter. Eagle Wealth Strategies LLC now owns 3,624 shares of the financial services provider’s stock worth $637,000 after acquiring an additional 1,626 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter worth approximately $507,000. Compton Financial Group LLC lifted its stake in shares of The PNC Financial Services Group by 219.8% in the first quarter. Compton Financial Group LLC now owns 3,611 shares of the financial services provider’s stock worth $635,000 after acquiring an additional 2,482 shares during the period. Finally, Gateway Investment Advisers LLC lifted its stake in shares of The PNC Financial Services Group by 9.7% in the first quarter. Gateway Investment Advisers LLC now owns 2,675 shares of the financial services provider’s stock worth $470,000 after acquiring an additional 237 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PNC shares. Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. Wells Fargo & Company dropped their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Truist Financial dropped their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research note on Wednesday, April 16th. TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a “buy” rating and a $233.00 price target on the stock. Finally, The Goldman Sachs Group dropped their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $202.67.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $178.71 on Tuesday. The company has a market cap of $70.69 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The PNC Financial Services Group, Inc. has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm’s 50-day simple moving average is $165.19 and its two-hundred day simple moving average is $183.04.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. Research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $172.00, for a total value of $213,624.00. Following the sale, the chief executive officer now directly owns 566,057 shares of the company’s stock, valued at $97,361,804. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president now directly owns 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,154 shares of company stock valued at $2,525,591. 0.41% of the stock is currently owned by corporate insiders.

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.