Basswood Capital Management L.L.C. Purchases 4,217 Shares of The PNC Financial Services Group, Inc $PNC

Basswood Capital Management L.L.C. grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 154,712 shares of the financial services provider’s stock after buying an additional 4,217 shares during the quarter. The PNC Financial Services Group accounts for approximately 1.3% of Basswood Capital Management L.L.C.’s investment portfolio, making the stock its 21st biggest holding. Basswood Capital Management L.L.C.’s holdings in The PNC Financial Services Group were worth $32,293,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quarry LP bought a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Beacon Financial Strategies CORP purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $35,000. Cornerstone Planning Group LLC increased its stake in shares of The PNC Financial Services Group by 2,100.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 168 shares during the last quarter. Finally, JPL Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $37,000. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Truist Financial raised their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Bank of America raised their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Finally, Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $243.11.

The PNC Financial Services Group Stock Up 1.5%

The PNC Financial Services Group stock opened at $237.51 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $172.73 and a 1-year high of $243.94. The firm has a market capitalization of $95.37 billion, a price-to-earnings ratio of 13.80, a P/E/G ratio of 0.99 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The firm has a 50 day simple moving average of $220.85 and a 200 day simple moving average of $216.10.

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 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 business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business earned $3.51 EPS. The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. On average, analysts predict 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 $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is currently 39.51%.

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.