The PNC Financial Services Group, Inc $PNC Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 13.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 261,888 shares of the financial services provider’s stock after purchasing an additional 30,464 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.07% of The PNC Financial Services Group worth $52,621,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth $27,000. Westfuller Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the third quarter worth about $34,000. FNY Investment Advisers LLC acquired a new position in The PNC Financial Services Group during the second quarter worth about $37,000. True Wealth Design LLC grew its stake in The PNC Financial Services Group by 1,133.3% during the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 204 shares in the last quarter. Finally, Bayforest Capital Ltd raised its holdings in The PNC Financial Services Group by 237.1% in the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 147 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

PNC stock opened at $229.65 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94. The stock has a market cap of $90.06 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 0.98 and a beta of 0.99. The business has a fifty day moving average of $218.21 and a two-hundred day moving average of $201.62.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The company’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.77 EPS. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Analysts Set New Price Targets

A number of research analysts have weighed in on PNC shares. Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Truist Financial lifted their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Finally, Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Fifteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $234.44.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.