Allworth Financial LP Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Allworth Financial LP boosted its position in The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,671 shares of the financial services provider’s stock after purchasing an additional 169 shares during the period. Allworth Financial LP’s holdings in The PNC Financial Services Group were worth $1,684,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Citizens National Bank Trust Department purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $28,000. Mascoma Wealth Management LLC boosted its position in The PNC Financial Services Group by 89.8% in the first quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 79 shares during the last quarter. Guardian Wealth Management Inc. purchased a new position in The PNC Financial Services Group in the fourth quarter worth about $32,000. Toth Financial Advisory Corp purchased a new position in The PNC Financial Services Group in the first quarter worth about $43,000. Finally, 1832 Asset Management L.P. lifted its position in shares of The PNC Financial Services Group by 33.5% during the 1st quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock valued at $49,000 after buying an additional 67 shares in the last quarter. 81.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Piper Sandler set a $160.00 price objective on The PNC Financial Services Group in a research report on Tuesday, July 19th. Wolfe Research lowered their price objective on The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a research report on Thursday, May 26th. Jefferies Financial Group lowered their price objective on The PNC Financial Services Group from $188.00 to $156.00 in a research report on Monday, July 11th. Credit Suisse Group lowered their price objective on The PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a research report on Monday, July 18th. Finally, Morgan Stanley lifted their price objective on The PNC Financial Services Group from $168.00 to $180.00 in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $197.78.

The PNC Financial Services Group Stock Down 2.4 %

NYSE PNC opened at $154.67 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.75. The PNC Financial Services Group, Inc. has a 12 month low of $146.39 and a 12 month high of $228.14. The stock’s 50 day moving average is $163.92 and its 200 day moving average is $168.71. The stock has a market cap of $63.43 billion, a PE ratio of 12.10, a P/E/G ratio of 2.37 and a beta of 1.21.

The PNC Financial Services Group (NYSE:PNCGet Rating) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $3.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.11 by $0.31. The PNC Financial Services Group had a return on equity of 11.93% and a net margin of 27.32%. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.13 billion. During the same quarter in the previous year, the company posted $4.50 EPS. The company’s revenue was up 9.6% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc. will post 14.5 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Wednesday, July 13th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date was Tuesday, July 12th. The PNC Financial Services Group’s payout ratio is 46.95%.

Insiders Place Their Bets

In other news, EVP Michael P. Lyons sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $166.96, for a total transaction of $584,360.00. Following the transaction, the executive vice president now owns 174,651 shares of the company’s stock, valued at approximately $29,159,730.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.34% of the company’s stock.

The PNC Financial Services Group Profile

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The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. 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.

Further Reading

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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