Western Wealth Management LLC Increases Stock Holdings in PNC Financial Services Group Inc (NYSE:PNC)

Western Wealth Management LLC lifted its position in PNC Financial Services Group Inc (NYSE:PNC) by 3.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,253 shares of the financial services provider’s stock after purchasing an additional 83 shares during the quarter. Western Wealth Management LLC’s holdings in PNC Financial Services Group were worth $306,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in PNC. Penserra Capital Management LLC purchased a new position in PNC Financial Services Group during the first quarter worth about $25,000. IMA Wealth Inc. purchased a new position in PNC Financial Services Group during the first quarter worth about $25,000. Westside Investment Management Inc. purchased a new position in PNC Financial Services Group during the second quarter worth about $29,000. Meridian Wealth Management LLC purchased a new position in PNC Financial Services Group during the first quarter worth about $33,000. Finally, Private Ocean LLC boosted its stake in PNC Financial Services Group by 63.5% during the first quarter. Private Ocean LLC now owns 322 shares of the financial services provider’s stock worth $39,000 after buying an additional 125 shares during the period. 81.83% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have weighed in on PNC. Morgan Stanley set a $141.00 target price on shares of PNC Financial Services Group and gave the stock a “hold” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their price target on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, ValuEngine cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $143.41.

In related news, insider Gregory H. Kozich sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $139.82, for a total value of $1,398,200.00. Following the sale, the insider now owns 20,080 shares of the company’s stock, valued at $2,807,585.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $140.63, for a total transaction of $10,547,250.00. Following the completion of the sale, the chief executive officer now directly owns 657,179 shares in the company, valued at approximately $92,419,082.77. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,242 shares of company stock worth $19,853,468. 0.37% of the stock is owned by corporate insiders.

NYSE:PNC traded down $3.33 during mid-day trading on Friday, hitting $123.09. The stock had a trading volume of 1,533,207 shares, compared to its average volume of 2,116,071. The stock has a 50-day simple moving average of $136.25 and a two-hundred day simple moving average of $131.34. The company has a market capitalization of $56.29 billion, a PE ratio of 11.49, a PEG ratio of 1.65 and a beta of 1.07. PNC Financial Services Group Inc has a twelve month low of $108.45 and a twelve month high of $147.00. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27.

PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.83 by $0.05. The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.40 billion. PNC Financial Services Group had a net margin of 25.46% and a return on equity of 11.10%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.72 earnings per share. Sell-side analysts predict that PNC Financial Services Group Inc will post 11.28 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Friday, July 19th were issued a $1.15 dividend. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, July 18th. This represents a $4.60 annualized dividend and a yield of 3.74%. PNC Financial Services Group’s dividend payout ratio (DPR) is 42.95%.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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