Viking Fund Management LLC increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 15.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 31,130 shares of the financial services provider’s stock after acquiring an additional 4,130 shares during the period. Viking Fund Management LLC’s holdings in The PNC Financial Services Group were worth $3,921,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Centerpoint Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter worth approximately $26,000. Fiduciary Alliance LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $27,000. Chilton Capital Management LLC acquired a new stake in shares of The PNC Financial Services Group during the first quarter worth $33,000. AXS Investments LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $36,000. Finally, Ruedi Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 80.14% of the company’s stock.
The PNC Financial Services Group Stock Down 0.0 %
PNC opened at $122.77 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.82 and a current ratio of 0.82. The PNC Financial Services Group, Inc. has a fifty-two week low of $110.31 and a fifty-two week high of $170.27. The firm’s fifty day moving average is $125.06 and its 200 day moving average is $124.24. The stock has a market cap of $48.89 billion, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 1.12 and a beta of 1.15.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its earnings results on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.05. The PNC Financial Services Group had a net margin of 21.97% and a return on equity of 13.27%. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.45 billion. During the same quarter in the previous year, the company earned $3.42 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 13.51 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Saturday, August 5th. Shareholders of record on Monday, July 17th were issued a $1.55 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. This represents a $6.20 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date was Friday, July 14th. The PNC Financial Services Group’s payout ratio is currently 42.49%.
Analysts Set New Price Targets
PNC has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their price target on The PNC Financial Services Group from $186.00 to $176.00 in a research report on Wednesday, July 19th. Credit Suisse Group dropped their price target on The PNC Financial Services Group from $145.00 to $135.00 in a research note on Wednesday, July 19th. Piper Sandler raised their target price on The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a research report on Friday, September 15th. Odeon Capital Group downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $140.00 target price on shares of The PNC Financial Services Group in a research note on Friday. Five analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $155.78.
Get Our Latest Analysis on PNC
The PNC Financial Services Group Profile
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 certificates of 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.
See Also
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