Corient Private Wealth LLC Has $56.12 Million Holdings in The PNC Financial Services Group, Inc $PNC

Corient Private Wealth LLC grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 8.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 268,809 shares of the financial services provider’s stock after acquiring an additional 21,061 shares during the period. Corient Private Wealth LLC’s holdings in The PNC Financial Services Group were worth $56,117,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Auto Owners Insurance Co increased its position in shares of The PNC Financial Services Group by 20,773.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,043,650 shares of the financial services provider’s stock worth $217,841,000 after purchasing an additional 1,038,650 shares during the last quarter. Union Savings Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $44,000. Hsbc Holdings PLC grew its holdings in The PNC Financial Services Group by 2.4% during the fourth quarter. Hsbc Holdings PLC now owns 1,260,199 shares of the financial services provider’s stock worth $263,098,000 after purchasing an additional 29,099 shares during the period. Mengis Capital Management Inc. grew its holdings in The PNC Financial Services Group by 12.8% during the fourth quarter. Mengis Capital Management Inc. now owns 12,290 shares of the financial services provider’s stock worth $2,565,000 after purchasing an additional 1,395 shares during the period. Finally, Storen Legacy Partners LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth approximately $469,000. 83.53% of the stock is currently owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were 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. The trade was a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock worth $10,694,574 over the last three months. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a “hold” rating in a research report on Thursday, April 16th. Morgan Stanley raised their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Bank of America upped 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 report on Thursday, April 16th. Finally, Stephens assumed coverage on shares of The PNC Financial Services Group in a research report on Monday, June 15th. They issued an “overweight” rating and a $265.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $246.72.

The PNC Financial Services Group Trading Up 0.1%

Shares of PNC opened at $232.39 on Friday. The business’s fifty day moving average is $222.68 and its 200-day moving average is $217.55. The PNC Financial Services Group, Inc has a 52-week low of $176.16 and a 52-week high of $243.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $93.32 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.95 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last announced 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 company had revenue of $6.17 billion for 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 firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.51 EPS. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.81 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

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. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

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.