The PNC Financial Services Group, Inc $PNC Stake Lifted by Jackson Thornton Wealth Management LLC

Jackson Thornton Wealth Management LLC increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 119.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,985 shares of the financial services provider’s stock after purchasing an additional 2,717 shares during the period. Jackson Thornton Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $948,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Corp bought a new stake in The PNC Financial Services Group during the third quarter worth approximately $8,360,000. Benjamin Edwards Inc. lifted its position in shares of The PNC Financial Services Group by 27.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 24,763 shares of the financial services provider’s stock valued at $4,977,000 after acquiring an additional 5,294 shares during the last quarter. Cullen Capital Management LLC boosted its stake in shares of The PNC Financial Services Group by 3.8% during the 2nd quarter. Cullen Capital Management LLC now owns 204,875 shares of the financial services provider’s stock worth $38,193,000 after acquiring an additional 7,478 shares in the last quarter. Harbour Investments Inc. boosted its stake in shares of The PNC Financial Services Group by 115.1% during the 2nd quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock worth $1,050,000 after acquiring an additional 3,013 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after acquiring an additional 1,917,530 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the business’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 sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $223.01 on Tuesday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $227.00. The stock’s 50-day moving average is $203.44 and its two-hundred day moving average is $197.50. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $87.46 billion, a P/E ratio of 13.44, a PEG ratio of 0.95 and a beta of 0.99.

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 during the quarter, compared to analysts’ expectations 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 firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.77 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Tuesday, January 20th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Wall Street Analyst Weigh In

A number of research firms have commented on PNC. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. Morgan Stanley upped their price target on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Piper Sandler upgraded shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Oppenheimer reduced their target price on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $222.06.

The PNC Financial Services Group Profile

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.