abrdn plc lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 3.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 430,802 shares of the financial services provider’s stock after acquiring an additional 16,314 shares during the quarter. abrdn plc owned 0.11% of The PNC Financial Services Group worth $52,890,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in The PNC Financial Services Group by 7.5% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 364,796 shares of the financial services provider’s stock worth $44,786,000 after purchasing an additional 25,554 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its holdings in shares of The PNC Financial Services Group by 2.7% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 5,982 shares of the financial services provider’s stock valued at $734,000 after buying an additional 158 shares during the period. Wealthspire Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 22.7% during the third quarter. Wealthspire Advisors LLC now owns 5,909 shares of the financial services provider’s stock valued at $725,000 after purchasing an additional 1,093 shares during the last quarter. Schechter Investment Advisors LLC raised its position in shares of The PNC Financial Services Group by 10.0% during the 3rd quarter. Schechter Investment Advisors LLC now owns 5,227 shares of the financial services provider’s stock worth $642,000 after purchasing an additional 476 shares during the period. Finally, Smithfield Trust Co lifted its holdings in shares of The PNC Financial Services Group by 1.5% in the 3rd quarter. Smithfield Trust Co now owns 24,124 shares of the financial services provider’s stock worth $2,947,000 after purchasing an additional 356 shares during the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.
The PNC Financial Services Group Price Performance
Shares of NYSE PNC opened at $151.60 on Monday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $167.12. The company has a market capitalization of $60.39 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.76 and a beta of 1.18. The firm has a 50-day moving average of $146.17 and a two-hundred day moving average of $131.25. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released 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 net margin of 17.50% and a return on equity of 12.27%. The business had revenue of $5.36 billion during the quarter, compared to analyst estimates of $5.30 billion. During the same period in the prior year, the business earned $3.49 earnings per share. The business’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 12.27 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 5th. Shareholders of record on Tuesday, January 16th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date of this dividend is Friday, January 12th. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.
Analysts Set New Price Targets
A number of research analysts recently commented on PNC shares. Piper Sandler upped their price objective on The PNC Financial Services Group from $125.00 to $143.00 and gave the stock a “neutral” rating in a research note on Friday, December 8th. StockNews.com cut shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Friday, November 17th. Jefferies Financial Group lifted their price objective on shares of The PNC Financial Services Group from $112.00 to $127.00 in a research report on Tuesday, October 10th. Odeon Capital Group raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 target price for the company in a research note on Thursday, December 14th. Finally, Keefe, Bruyette & Woods boosted 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. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $145.53.
View Our Latest Report on The PNC Financial Services Group
Insider Activity at The PNC Financial Services Group
In related news, EVP Guild Deborah sold 1,533 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 17,092 shares of the company’s stock, valued at approximately $2,264,860.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.39% of the stock is 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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