Envestnet Asset Management Inc. Purchases 22,325 Shares of The PNC Financial Services Group, Inc $PNC

Envestnet Asset Management Inc. lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,837,301 shares of the financial services provider’s stock after purchasing an additional 22,325 shares during the quarter. Envestnet Asset Management Inc. owned 0.47% of The PNC Financial Services Group worth $369,169,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PNC. Kennebec Savings Bank raised its position in The PNC Financial Services Group by 1.6% in the 3rd quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after buying an additional 54 shares during the last quarter. Almanack Investment Partners LLC. raised its holdings in shares of The PNC Financial Services Group by 2.3% in the second quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock valued at $454,000 after purchasing an additional 55 shares during the last quarter. Winthrop Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 2.1% in the second quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock worth $488,000 after purchasing an additional 55 shares in the last quarter. SCS Capital Management LLC boosted its holdings in The PNC Financial Services Group by 0.6% during the second quarter. SCS Capital Management LLC now owns 8,527 shares of the financial services provider’s stock worth $1,590,000 after purchasing an additional 55 shares during the last quarter. Finally, Webster Bank N. A. grew its position in The PNC Financial Services Group by 0.5% in the third quarter. Webster Bank N. A. now owns 10,975 shares of the financial services provider’s stock valued at $2,205,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $237.25 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $93.04 billion, a P/E ratio of 14.30, a P/E/G ratio of 0.98 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $240.37. The stock has a 50 day moving average of $212.93 and a 200-day moving average of $199.92.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter last year, the firm posted $3.77 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities research 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 business also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Tuesday, January 20th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PNC shares. Royal Bank Of Canada boosted their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. TD Cowen upped their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Barclays increased their price target on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Finally, Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.00.

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.