The PNC Financial Services Group, Inc $PNC Position Increased by AlphaQuest LLC

AlphaQuest LLC grew its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,309 shares of the financial services provider’s stock after buying an additional 6,620 shares during the quarter. The PNC Financial Services Group accounts for approximately 0.4% of AlphaQuest LLC’s holdings, making the stock its 6th biggest holding. AlphaQuest LLC’s holdings in The PNC Financial Services Group were worth $5,889,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $27,000. Concord Wealth Partners raised its holdings in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Westfuller Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the third quarter valued at $34,000. FNY Investment Advisers LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at $37,000. Finally, True Wealth Design LLC increased its position in The PNC Financial Services Group by 1,133.3% during 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 in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PNC. Barclays upped their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Oppenheimer raised their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. 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 investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $231.00.

The PNC Financial Services Group Price Performance

PNC opened at $224.55 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $227.78. The company has a 50 day moving average of $209.69 and a two-hundred day moving average of $198.91. The company has a market cap of $88.06 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.93 and a beta of 0.99. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the previous year, the business posted $3.77 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was 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 approximately $1,065,073.14. The trade was a 14.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

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.