Arax Advisory Partners Has $1.37 Million Holdings in The PNC Financial Services Group, Inc $PNC

Arax Advisory Partners lessened its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 95.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 6,543 shares of the financial services provider’s stock after selling 139,401 shares during the quarter. Arax Advisory Partners’ holdings in The PNC Financial Services Group were worth $1,366,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PNC. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $29,000. Beacon Financial Strategies CORP bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $35,000. JPL Wealth Management LLC bought a new position in shares of The PNC Financial Services Group during the 3rd quarter worth about $37,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $230.01 on Tuesday. The stock has a market cap of $92.36 billion, a PE ratio of 13.36, a PEG ratio of 0.99 and a beta of 0.92. The company’s fifty day moving average is $221.21 and its 200 day moving average is $216.56. The PNC Financial Services Group, Inc has a 52 week low of $172.88 and a 52 week high of $243.94. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the previous year, the company earned $3.51 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. Research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PNC. Bank of America increased their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Citigroup raised their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Truist Financial raised their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $246.72.

Insider Activity

In related news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.38% of the company’s stock.

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.