As of the second quarter of this year, investment firm Sanders Morris Harris LLC has acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC), according to its recent disclosure with the Securities and Exchange Commission. The fund purchased 3,920 shares of the financial services provider’s stock, valued at approximately $500,000.
The PNC Financial Services Group recently released its quarterly earnings data on July 18th. During this period, the company reported an earnings per share (EPS) of $3.36 for the quarter, surpassing the consensus estimate by $0.05. With a net margin of 21.97% and a return on equity of 13.27%, The PNC Financial Services Group demonstrated positive financial performance during this period. Although the company’s revenue for the quarter was $5.29 billion, slightly below the consensus estimate of $5.45 billion, it still managed to exhibit a 3.5% increase in revenue compared to the same period last year.
Analysts anticipate that The PNC Financial Services Group will post an estimated 13.5 earnings per share for the current fiscal year.
This acquisition by Sanders Morris Harris LLC showcases growing interest in investing in The PNC Financial Services Group, indicating market confidence in the company’s performance and potential future growth.
For more information and detailed analysis on The PNC Financial Services Group’s latest developments and financial reports, readers are encouraged to visit our website and access our comprehensive coverage on this topic.
Institutional Investor Activity and Analyst Ratings on The PNC Financial Services Group
In recent months, several institutional investors have made changes to their holdings in The PNC Financial Services Group, a leading financial services provider. Blair William & Co. IL, for example, increased its holdings in the company by 0.5% during the first quarter, now owning 16,997 shares valued at $3,135,000. Cetera Investment Advisers also raised its holdings by 12.0% during the same period, now possessing 16,141 shares valued at $2,977,000. Covestor Ltd witnessed an even larger increase of 68.8%, bringing its total holdings to 336 shares worth $62,000. West Family Investments Inc., on the other hand, saw a modest increase of 9.1%, resulting in 1,164 shares valued at $215,000. Lastly, Ergoteles LLC experienced a significant rise of 137.9%, now owning 21,048 shares worth $3,882,000.
Overall, these institutional investors and others hold approximately 80.14% of The PNC Financial Services Group’s stock as of September 17th.
On Friday morning, shares of The PNC Financial Services Group began trading at $126.35 on the New York Stock Exchange (NYSE). The company maintains a quick ratio and current ratio of both being equal to 0.82 while boasting a debt-to-equity ratio of 1.33. In terms of historical prices over the past year, the company’s lowest recorded share value was $110.31 while its highest recorded share value reached $170.27.
The company currently possesses a market capitalization of about $50.32 billion and has a price-to-earnings ratio of 8.66 along with a price-to-earnings-growth ratio of 1.16; its beta is calculated as being equal to 1.15.
In addition to the stock performance, The PNC Financial Services Group recently announced an increase in its quarterly dividend. Shareholders of record as of July 17th received a $1.55 dividend, surpassing the previous quarterly dividend of $1.50. The ex-dividend date was July 14th. Annually, this represents a $6.20 dividend per share with a yield of 4.91%. The company’s dividend payout ratio (DPR) stands at 42.49%.
A number of research analysts have issued reports regarding the stock, providing various outlooks on its current and future performance. For instance, HSBC initiated coverage on The PNC Financial Services Group with a “reduce” rating and set a target price of $110.00 for the stock on September 7th.
StockNews.com also covered the company, issuing a “sell” rating in mid-August. Meanwhile, Odeon Capital Group downgraded their recommendation from “buy” to “hold” on July 21st.
According to Bloomberg data, five analysts have rated the stock as “sell,” five recommended holding it, and seven suggested buying shares of The PNC Financial Services Group. The consensus rating is currently listed as “Hold” with an average target price of $157.20.
Information regarding institutional investors’ holdings and diverse analyst ratings provides a comprehensive view of the market perception surrounding The PNC Financial Services Group’s current situation and possible future trajectory.
Source: beststocks.com
