Folger Nolan Fleming Douglas Capital Management Inc. Boosts Stake in The PNC Financial Services Group, Inc $PNC

Folger Nolan Fleming Douglas Capital Management Inc. boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 447.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,696 shares of the financial services provider’s stock after acquiring an additional 23,459 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $5,971,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. State Street Corp increased its position in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after purchasing an additional 77,302 shares during the last quarter. Capital International Investors raised its stake in The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares in the last quarter. Norges Bank purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC raised its stake in The PNC Financial Services Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after purchasing an additional 30,078 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Citigroup boosted their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Barclays lifted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Truist Financial increased their target price on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $248.00.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $246.89 on Tuesday. The stock has a market cap of $99.14 billion, a PE ratio of 14.35, a PEG ratio of 1.00 and a beta of 0.92. The company’s fifty day moving average is $225.07 and its 200 day moving average is $219.59. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $249.01. 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 posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.51 earnings per share. Research analysts anticipate that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is 39.51%.

The PNC Financial Services Group Company 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.