Baker Ellis Asset Management LLC Acquires Shares of 2,345 The PNC Financial Services Group, Inc $PNC

Baker Ellis Asset Management LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 3rd quarter, Holdings Channel.com reports. The firm bought 2,345 shares of the financial services provider’s stock, valued at approximately $471,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Avior Wealth Management LLC raised its holdings in The PNC Financial Services Group by 4.5% during the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 52 shares in the last quarter. Rockland Trust Co. increased its position in The PNC Financial Services Group by 0.5% during the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock worth $1,957,000 after purchasing an additional 53 shares during the period. Kennebec Savings Bank increased its position in The PNC Financial Services Group by 1.6% during the 3rd quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock worth $688,000 after purchasing an additional 54 shares during the period. Almanack Investment Partners LLC. raised its stake in shares of The PNC Financial Services Group by 2.3% during the 2nd quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock worth $454,000 after buying an additional 55 shares in the last quarter. Finally, Winthrop Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 2.1% in the 2nd quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock valued at $488,000 after buying an additional 55 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PNC shares. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. TD Cowen raised their price objective on shares of The PNC Financial Services Group from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus price target of $222.06.

The PNC Financial Services Group Trading Up 1.1%

NYSE:PNC opened at $218.60 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $220.54. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a fifty day simple moving average of $198.75 and a 200-day simple moving average of $195.93. The company has a market capitalization of $85.73 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.08 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $3.49 EPS. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Tuesday, January 20th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is currently 43.93%.

The PNC Financial Services Group Profile

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.