Edgestream Partners L.P. Invests $627,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Edgestream Partners L.P. acquired a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,249 shares of the financial services provider’s stock, valued at approximately $627,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Loomis Sayles & Co. L P boosted its stake in The PNC Financial Services Group by 8.7% during the 3rd quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 50 shares in the last quarter. Baltimore Washington Financial Advisors Inc. boosted its stake in The PNC Financial Services Group by 3.1% during the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock valued at $324,000 after purchasing an additional 51 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in The PNC Financial Services Group by 2.4% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 53 shares in the last quarter. Transcend Capital Advisors LLC boosted its stake in The PNC Financial Services Group by 1.8% during the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after purchasing an additional 55 shares in the last quarter. Finally, Altman Advisors Inc. boosted its stake in The PNC Financial Services Group by 0.5% during the 3rd quarter. Altman Advisors Inc. now owns 10,506 shares of the financial services provider’s stock valued at $1,942,000 after purchasing an additional 56 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

PNC opened at $171.02 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. The stock has a fifty day moving average of $192.95 and a 200-day moving average of $192.74. The firm has a market capitalization of $67.68 billion, a P/E ratio of 12.44, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the company earned $3.16 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.74%. The PNC Financial Services Group’s dividend payout ratio is 46.55%.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Compass Point increased their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Citigroup increased their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial increased their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Finally, The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $205.00.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $189.29, for a total transaction of $235,098.18. Following the transaction, the chief executive officer now directly owns 530,039 shares of the company’s stock, valued at $100,331,082.31. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 13,662 shares of company stock worth $2,643,895. Corporate insiders own 0.42% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.