Advisors Capital Management LLC Increases Stock Position in The PNC Financial Services Group, Inc $PNC

Advisors Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 8.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,243 shares of the financial services provider’s stock after acquiring an additional 1,712 shares during the quarter. Advisors Capital Management LLC’s holdings in The PNC Financial Services Group were worth $3,960,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PNC. Saudi Central Bank bought a new stake in shares of The PNC Financial Services Group in the first quarter valued at approximately $27,000. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $27,000. Concord Wealth Partners raised its holdings in The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 100 shares during the period. WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the first quarter worth $36,000. Finally, FNY Investment Advisers LLC bought a new position in shares of The PNC Financial Services Group in the second quarter worth $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the sale, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the sale, the executive vice president owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,151 shares of company stock worth $400,092 in the last 90 days. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Raymond James Financial boosted their price objective on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.47.

The PNC Financial Services Group Trading Down 0.1%

The PNC Financial Services Group stock opened at $183.88 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a market cap of $72.11 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.26 and a beta of 1.12. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The business has a 50-day simple moving average of $191.69 and a two-hundred day simple moving average of $187.84.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same period in the prior year, the firm posted $3.49 EPS. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is currently 43.93%.

The PNC Financial Services Group Company 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 time 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.