Spire Wealth Management Has $573,000 Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Spire Wealth Management boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,257 shares of the financial services provider’s stock after purchasing an additional 69 shares during the quarter. Spire Wealth Management’s holdings in The PNC Financial Services Group were worth $573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its holdings in The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after acquiring an additional 984 shares during the period. NewEdge Wealth LLC lifted its position in shares of The PNC Financial Services Group by 5.5% during the 4th quarter. NewEdge Wealth LLC now owns 20,139 shares of the financial services provider’s stock worth $3,884,000 after purchasing an additional 1,058 shares during the last quarter. Whipplewood Advisors LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $33,000. Oppenheimer & Co. Inc. grew its holdings in The PNC Financial Services Group by 9.4% in the 4th quarter. Oppenheimer & Co. Inc. now owns 13,931 shares of the financial services provider’s stock valued at $2,687,000 after buying an additional 1,195 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $37,587,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Truist Financial reduced their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a research report on Wednesday, April 16th. Barclays reduced their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their target price for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, The Goldman Sachs Group lowered their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.67.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $150.50, for a total value of $96,470.50. Following the completion of the transaction, the chief executive officer now owns 562,291 shares in the company, valued at $84,624,795.50. The trade was a 0.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president now owns 20,490 shares in the company, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,428 shares of company stock valued at $1,882,322. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $185.92 on Friday. The stock has a market capitalization of $73.55 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 1.56 and a beta of 1.06. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The firm has a 50 day moving average of $172.14 and a 200-day moving average of $180.19.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is presently 45.20%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.