Northwestern Mutual Wealth Management Co. Takes Position in The PNC Financial Services Group, Inc $PNC

Northwestern Mutual Wealth Management Co. acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 48,117 shares of the financial services provider’s stock, valued at approximately $11,847,000.

Other large investors have also recently modified their holdings of the company. Monetary Solutions Ltd purchased a new stake in The PNC Financial Services Group in the fourth quarter worth about $25,000. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $28,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $29,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the first quarter worth $31,000. Institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Argus boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Royal Bank Of Canada upped their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, Barclays lifted their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $243.05 on Friday. The company has a market capitalization of $96.96 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. 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 PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The company’s 50-day moving average is $248.28 and its 200 day moving average is $229.34.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.85 earnings per share. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $2.00 dividend. 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 3.3%. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by company insiders.

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.