Perigon Wealth Management LLC Acquires 2,912 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Perigon Wealth Management LLC lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 49.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,747 shares of the financial services provider’s stock after purchasing an additional 2,912 shares during the period. Perigon Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $1,719,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in The PNC Financial Services Group by 14.2% in the 2nd quarter. AQR Capital Management LLC now owns 45,448 shares of the financial services provider’s stock valued at $6,983,000 after acquiring an additional 5,640 shares during the period. NewEdge Advisors LLC grew its holdings in The PNC Financial Services Group by 31.0% during the 2nd quarter. NewEdge Advisors LLC now owns 32,794 shares of the financial services provider’s stock valued at $5,099,000 after buying an additional 7,765 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in The PNC Financial Services Group by 9.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 39,397 shares of the financial services provider’s stock valued at $6,125,000 after buying an additional 3,240 shares in the last quarter. Quarry LP grew its holdings in shares of The PNC Financial Services Group by 141.7% during the second quarter. Quarry LP now owns 290 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 170 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 11.9% during the second quarter. EP Wealth Advisors LLC now owns 3,725 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 395 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $189.50, for a total transaction of $235,359.00. Following the completion of the transaction, the chief executive officer now owns 543,523 shares of the company’s stock, valued at approximately $102,997,608.50. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,413 shares of company stock valued at $6,021,569. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $202.29 on Thursday. The stock has a 50 day moving average price of $200.14 and a two-hundred day moving average price of $189.26. The PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26. The company has a market capitalization of $80.26 billion, a P/E ratio of 14.71, a PEG ratio of 1.59 and a beta of 1.16. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter last year, the firm posted $3.16 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. Analysts expect that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.16%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PNC shares. Citigroup boosted their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Stephens reissued an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial upped their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $205.00.

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.