Brighton Jones LLC Acquires 6,954 Shares of The PNC Financial Services Group, Inc $PNC

Brighton Jones LLC increased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 42.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,218 shares of the financial services provider’s stock after purchasing an additional 6,954 shares during the period. Brighton Jones LLC’s holdings in The PNC Financial Services Group were worth $4,665,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. IMG Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $27,000. Saudi Central Bank acquired a new stake in The PNC Financial Services Group in the 1st quarter worth approximately $27,000. Concord Wealth Partners boosted its position in The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 100 shares during the period. FNY Investment Advisers LLC bought a new stake in The PNC Financial Services Group during the second quarter worth approximately $37,000. Finally, WPG Advisers LLC acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $36,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Up 0.4%

Shares of The PNC Financial Services Group stock opened at $210.37 on Monday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $213.03. The firm has a market capitalization of $82.50 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.18 and a beta of 1.01. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The company’s fifty day moving average price is $190.25 and its two-hundred day moving average price is $192.56.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same period last year, the firm earned $3.49 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the sale, the executive vice president owned 27,335 shares in the company, valued at $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PNC shares. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Evercore ISI raised their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Oppenheimer cut their price objective on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Finally, UBS Group raised their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $219.11.

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.