Payden & Rygel Investment Group acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) during the third quarter, according to its most recent filing with the SEC. The firm acquired 78,820 shares of the financial services provider’s stock, valued at approximately $9,677,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. Comerica Bank acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $5,594,000. EA Series Trust acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $440,000. Gradient Investments LLC grew its holdings in shares of The PNC Financial Services Group by 59.9% during the third quarter. Gradient Investments LLC now owns 635 shares of the financial services provider’s stock worth $78,000 after buying an additional 238 shares in the last quarter. Handelsbanken Fonder AB lifted its stake 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 acquiring an additional 1,098 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of The PNC Financial Services Group by 2.1% during 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 owned by institutional investors.
The PNC Financial Services Group Trading Down 1.2 %
Shares of NYSE:PNC traded down $1.81 during midday trading on Monday, hitting $146.32. 945,812 shares of the stock were exchanged, compared to its average volume of 2,258,514. The stock has a market capitalization of $58.29 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 1.72 and a beta of 1.19. 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 business’s 50-day moving average price is $148.36 and its 200 day moving average price is $132.03. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $164.70.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, beating the consensus estimate of $2.12 by $1.04. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The business had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $5.30 billion. During the same period in the prior year, the business posted $3.49 earnings per share. The firm’s revenue was down 7.0% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc. will post 12.29 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Friday, January 12th. The PNC Financial Services Group’s payout ratio is 48.48%.
Analyst Upgrades and Downgrades
PNC has been the topic of several recent research reports. StockNews.com lowered shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, November 17th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the company an “underperform” rating in a research note on Wednesday, January 3rd. The Goldman Sachs Group raised their target price on shares of The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a research note on Tuesday, December 19th. Stephens reaffirmed an “equal weight” rating and set a $138.00 price objective on shares of The PNC Financial Services Group in a research report on Tuesday, December 5th. Finally, Piper Sandler lifted their price objective on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the stock a “neutral” rating in a research report on Friday, December 8th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus target price of $146.59.
Read Our Latest Research Report on PNC
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,533 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was 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 owns 17,092 shares in the company, valued at approximately $2,264,860.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is currently owned by insiders.
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 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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