Washington Trust Bank boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 11.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 84,680 shares of the financial services provider’s stock after buying an additional 8,615 shares during the period. Washington Trust Bank’s holdings in The PNC Financial Services Group were worth $10,396,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of PNC. Comerica Bank purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at $5,594,000. EA Series Trust bought a new position in shares of The PNC Financial Services Group in the second quarter worth about $440,000. Gradient Investments LLC increased its stake in The PNC Financial Services Group by 59.9% in the 3rd quarter. Gradient Investments LLC now owns 635 shares of the financial services provider’s stock worth $78,000 after buying an additional 238 shares during the period. Handelsbanken Fonder AB boosted its position in The PNC Financial Services Group by 1.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 109,318 shares of the financial services provider’s stock valued at $13,769,000 after buying an additional 1,098 shares during the period. Finally, Geode Capital Management LLC grew its stake in The PNC Financial Services Group by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,369,554 shares of the financial services provider’s stock worth $925,399,000 after acquiring an additional 150,470 shares in the last quarter. 80.14% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts recently issued reports on PNC shares. Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an “underperform” rating in a research note on Wednesday, January 3rd. The Goldman Sachs Group lifted their price objective on The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a report on Tuesday, December 19th. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the company a “neutral” rating in a research report on Friday, December 8th. Morgan Stanley dropped their price objective on shares of The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 3rd. Finally, Bank of America raised The PNC Financial Services Group from an “underperform” rating to a “neutral” rating in a research report on Tuesday, October 10th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $145.53.
Check Out Our Latest Research Report on The PNC Financial Services Group
Insider Transactions at The PNC Financial Services Group
In related news, EVP Guild Deborah sold 1,533 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $132.51, for a total value of $203,137.83. Following the completion of the transaction, the executive vice president now directly owns 17,092 shares in the company, valued at approximately $2,264,860.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.39% of the company’s stock.
The PNC Financial Services Group Stock Performance
PNC stock traded up $0.35 during midday trading on Friday, reaching $151.60. The stock had a trading volume of 999,345 shares, compared to its average volume of 2,016,719. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.84. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $167.12. The stock has a market cap of $60.39 billion, a PE ratio of 11.85, a P/E/G ratio of 1.76 and a beta of 1.18. The firm has a fifty day simple moving average of $146.17 and a two-hundred day simple moving average of $131.21.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $1.04. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The company had revenue of $5.36 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the previous year, the firm posted $3.49 earnings per share. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.27 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 5th. Shareholders of record on Tuesday, January 16th will be given a $1.55 dividend. The ex-dividend date is Friday, January 12th. This represents a $6.20 annualized dividend and a yield of 4.09%. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.
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.
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