Texas Capital Bank Wealth Management Services Inc Acquires Shares of 5,778 The PNC Financial Services Group, Inc $PNC

Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,778 shares of the financial services provider’s stock, valued at approximately $1,423,000.

Several other large investors also recently modified their holdings of the stock. Aegis Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the second quarter worth about $355,000. UNIVEST FINANCIAL Corp acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $806,000. MidFirst Bank bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $3,019,000. Paladin Partners LLC bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $38,000. Finally, BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $7,921,455,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNC. Barclays lifted their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Truist Financial upped their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Trading Down 0.9%

NYSE:PNC opened at $254.65 on Tuesday. The firm’s fifty day moving average is $247.28 and its 200-day moving average is $228.73. 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 52 week low of $176.88 and a 52 week high of $258.96. The firm has a market cap 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 PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate 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 PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.85 earnings per share. Equities analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Insiders Place Their Bets

In related news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were 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 directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 51,654 shares of company stock valued at $11,552,661. Insiders own 0.38% of the company’s stock.

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.