Pallas Capital Advisors LLC Makes New $11.91 Million Investment in The PNC Financial Services Group, Inc $PNC

Pallas Capital Advisors LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 48,356 shares of the financial services provider’s stock, valued at approximately $11,906,000.

Several other large investors have also recently made changes to their positions in the business. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the third quarter valued at approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC raised its holdings in The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 71 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 0.9%

Shares of The PNC Financial Services Group stock opened at $254.65 on Tuesday. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market capitalization of $101.59 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91. The company has a fifty day moving average of $247.28 and a 200 day moving average of $228.73.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period last year, the firm earned $3.85 earnings per share. The business’s quarterly revenue was up 21.4% on a year-over-year basis. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insiders Place Their Bets

In other news, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction 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 transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 51,654 shares of company stock valued at $11,552,661 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PNC has been the topic of several recent analyst reports. Citigroup increased their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Robert W. Baird upped their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. increased their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Argus lifted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $265.73.

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.