Franklin Resources Inc. lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 21.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,630,163 shares of the financial services provider’s stock after purchasing an additional 287,583 shares during the quarter. Franklin Resources Inc. owned approximately 0.41% of The PNC Financial Services Group worth $205,319,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in PNC. Argent Trust Co grew its position in shares of The PNC Financial Services Group by 28.6% during the first quarter. Argent Trust Co now owns 8,334 shares of the financial services provider’s stock worth $1,059,000 after acquiring an additional 1,853 shares during the last quarter. Ruffer LLP purchased a new position in The PNC Financial Services Group during the 1st quarter worth $29,855,000. EA Series Trust acquired a new position in The PNC Financial Services Group in the second quarter valued at $440,000. Border to Coast Pensions Partnership Ltd raised its holdings in shares of The PNC Financial Services Group by 20.2% in the first quarter. Border to Coast Pensions Partnership Ltd now owns 106,703 shares of the financial services provider’s stock valued at $13,562,000 after buying an additional 17,938 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of The PNC Financial Services Group by 1.0% during the second quarter. Handelsbanken Fonder AB now owns 109,318 shares of the financial services provider’s stock worth $13,769,000 after buying an additional 1,098 shares during the period. Hedge funds and other institutional investors own 80.14% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price objective on shares of The PNC Financial Services Group in a research note on Tuesday, October 24th. Piper Sandler increased their price target on shares of The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a report on Friday, September 15th. Stephens lowered their price objective on The PNC Financial Services Group from $143.00 to $138.00 and set an “equal weight” rating on the stock in a report on Monday, October 16th. Morgan Stanley cut their target price on The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating for the company in a research note on Tuesday, October 3rd. Finally, Bank of America upgraded The PNC Financial Services Group from an “underperform” rating to a “neutral” rating in a research note on Tuesday, October 10th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and an average target price of $150.99.
View Our Latest Analysis on The PNC Financial Services Group
The PNC Financial Services Group Price Performance
Shares of NYSE:PNC opened at $128.79 on Friday. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $170.27. The stock has a market cap of $51.30 billion, a PE ratio of 8.94, a price-to-earnings-growth ratio of 1.14 and a beta of 1.14. The business’s fifty day moving average price is $120.72 and its two-hundred day moving average price is $123.23. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.82 and a current ratio of 0.82.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $3.10 by $0.50. The PNC Financial Services Group had a return on equity of 12.91% and a net margin of 20.39%. The business had revenue of $5.23 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the company earned $3.78 earnings per share. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 13.86 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Sunday, November 5th. Investors of record on Tuesday, October 17th were given a dividend of $1.55 per share. The ex-dividend date was Monday, October 16th. This represents a $6.20 dividend on an annualized basis and a yield of 4.81%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.03%.
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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