The PNC Financial Services Group, Inc $PNC Shares Sold by Mission Wealth Management LP

Mission Wealth Management LP trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 60.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,663 shares of the financial services provider’s stock after selling 2,523 shares during the period. Mission Wealth Management LP’s holdings in The PNC Financial Services Group were worth $334,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $1,477,836,000. Viking Global Investors LP acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $442,871,000. AQR Capital Management LLC raised its position in shares of The PNC Financial Services Group by 134.9% in the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after buying an additional 1,917,530 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of The PNC Financial Services Group by 43.8% in the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after buying an additional 845,148 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in The PNC Financial Services Group by 491.7% during the second quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock worth $187,525,000 after acquiring an additional 835,926 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $238.40 on Friday. The stock has a fifty day simple moving average of $213.86 and a 200-day simple moving average of $200.19. 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 stock has a market cap of $93.49 billion, a PE ratio of 14.37, a P/E/G ratio of 0.99 and a beta of 0.99. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $240.37.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter in the prior year, the company posted $3.77 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Analysts Set New Price Targets

A number of research firms have weighed in on PNC. Barclays raised their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Royal Bank Of Canada upped their target price on The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Finally, Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.