Exchange Traded Concepts LLC Grows Stock Position in The PNC Financial Services Group, Inc $PNC

Exchange Traded Concepts LLC increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 289.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,754 shares of the financial services provider’s stock after purchasing an additional 8,739 shares during the quarter. Exchange Traded Concepts LLC’s holdings in The PNC Financial Services Group were worth $2,362,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PNC. Abner Herrman & Brock LLC acquired a new position in shares of The PNC Financial Services Group during the third quarter worth about $203,000. Kaufman Rossin Wealth LLC lifted its stake in The PNC Financial Services Group by 6.7% in the third quarter. Kaufman Rossin Wealth LLC now owns 4,954 shares of the financial services provider’s stock worth $995,000 after acquiring an additional 311 shares during the last quarter. Brighton Jones LLC grew its holdings in The PNC Financial Services Group by 42.8% during the 3rd quarter. Brighton Jones LLC now owns 23,218 shares of the financial services provider’s stock worth $4,665,000 after acquiring an additional 6,954 shares in the last quarter. First Bank & Trust increased its position in shares of The PNC Financial Services Group by 9.3% in the 3rd quarter. First Bank & Trust now owns 19,743 shares of the financial services provider’s stock valued at $3,967,000 after purchasing an additional 1,677 shares during the last quarter. Finally, Thomasville National Bank acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at $307,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of a number of analyst reports. Stephens reiterated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Evercore ISI boosted their target price on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Finally, Raymond James Financial upped their price target on The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $219.11.

The PNC Financial Services Group Stock Up 0.7%

The PNC Financial Services Group stock opened at $213.48 on Friday. The company has a market capitalization of $83.72 billion, a P/E ratio of 13.79, a PEG ratio of 1.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $214.59. The stock has a 50-day simple moving average of $192.54 and a 200-day simple moving average of $193.35.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the previous year, the company posted $3.49 earnings per share. The firm’s revenue was up 8.9% compared to the same quarter last year. Equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a $1.70 dividend. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is owned by corporate insiders.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.