VIRGINIA RETIREMENT SYSTEMS ET Al Invests $743,000 in The PNC Financial Services Group, Inc $PNC

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,700 shares of the financial services provider’s stock, valued at approximately $743,000.

A number of other large investors have also recently modified their holdings of the company. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group during the 2nd quarter worth $27,000. Concord Wealth Partners grew 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 worth $32,000 after acquiring an additional 100 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $37,000. True Wealth Design LLC lifted its position in shares of The PNC Financial Services Group by 1,133.3% in the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 204 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $50,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $211.41 on Monday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $214.59. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $82.90 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.06 and a beta of 0.99. The stock’s 50-day simple moving average is $195.99 and its 200-day simple moving average is $195.05.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.82 billion. During the same period last year, the business earned $3.49 EPS. The PNC Financial Services Group’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This trade represents a 14.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Morgan Stanley upped their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. Wells Fargo & Company boosted their target price 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. Finally, Citigroup increased their price target on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $219.11.

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.