Drive Wealth Management LLC Buys New Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Drive Wealth Management LLC bought a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 3rd quarter, HoldingsChannel reports. The fund bought 1,167 shares of the financial services provider’s stock, valued at approximately $216,000.

Several other large investors have also recently added to or reduced their stakes in the business. Holistic Financial Partners increased its position in The PNC Financial Services Group by 3.2% in the 3rd quarter. Holistic Financial Partners now owns 2,324 shares of the financial services provider’s stock valued at $430,000 after acquiring an additional 73 shares during the period. Aljian Capital Management LLC bought a new position in The PNC Financial Services Group during the 3rd quarter valued at $839,000. Thrivent Financial for Lutherans boosted its stake in The PNC Financial Services Group by 12.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 37,096 shares of the financial services provider’s stock valued at $6,857,000 after purchasing an additional 4,186 shares in the last quarter. Claro Advisors LLC bought a new position in The PNC Financial Services Group during the 3rd quarter valued at $380,000. Finally, Ritter Daniher Financial Advisory LLC DE boosted its stake in The PNC Financial Services Group by 31.4% during the 3rd quarter. Ritter Daniher Financial Advisory LLC DE now owns 995 shares of the financial services provider’s stock valued at $184,000 after purchasing an additional 238 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

Shares of NYSE:PNC opened at $206.83 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 1 year low of $127.08 and a 1 year high of $214.19. The business has a fifty day simple moving average of $188.73 and a 200 day simple moving average of $173.43. The firm has a market cap of $82.07 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 2.17 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period last year, the company earned $3.60 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 annualized dividend and a yield of 3.09%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PNC shares. Barclays increased their price target on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Evercore ISI raised their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Compass Point lowered The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $186.96.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares in the company, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the transaction, the chief executive officer now owns 554,701 shares in the company, valued at $101,604,582.17. The trade was a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,788 shares of company stock worth $5,535,978 over the last three months. 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.