The PNC Financial Services Group, Inc $PNC Shares Sold by Assetmark Inc.

Assetmark Inc. trimmed its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 24.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 53,489 shares of the financial services provider’s stock after selling 17,302 shares during the quarter. Assetmark Inc.’s holdings in The PNC Financial Services Group were worth $10,748,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of PNC. IMG Wealth Management Inc. bought a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Westfuller Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the third quarter valued at approximately $34,000. FNY Investment Advisers LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $37,000. True Wealth Design LLC grew its holdings in 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 buying an additional 204 shares in the last quarter. Finally, Bayforest Capital Ltd grew its holdings in The PNC Financial Services Group by 237.1% in the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after buying an additional 147 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Morgan Stanley lifted their target price on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research note on Tuesday, January 20th. Royal Bank Of Canada raised their price target 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. TD Cowen upped their price objective on shares of 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. Truist Financial increased their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Fifteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $229.54 on Monday. The firm’s 50 day moving average is $218.84 and its 200-day moving average is $201.99. The stock has a market capitalization of $90.02 billion, a P/E ratio of 13.84, a P/E/G ratio of 0.96 and a beta of 0.99. 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 PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last released its 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 analyst estimates of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business earned $3.77 earnings per share. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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

The PNC Financial Services Group Company 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.