The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Westpac Banking Corp

Westpac Banking Corp boosted its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,409 shares of the financial services provider’s stock after acquiring an additional 7,052 shares during the period. Westpac Banking Corp’s holdings in The PNC Financial Services Group were worth $7,079,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. First Trust Advisors LP lifted its stake in The PNC Financial Services Group by 25.7% in the 2nd quarter. First Trust Advisors LP now owns 723,344 shares of the financial services provider’s stock valued at $76,103,000 after buying an additional 147,678 shares in the last quarter. Creative Financial Designs Inc. ADV acquired a new stake in The PNC Financial Services Group during the second quarter worth about $38,000. Janney Montgomery Scott LLC raised its stake in The PNC Financial Services Group by 3.5% during the second quarter. Janney Montgomery Scott LLC now owns 260,804 shares of the financial services provider’s stock worth $27,439,000 after acquiring an additional 8,803 shares during the period. Gulf International Bank UK Ltd raised its stake in The PNC Financial Services Group by 0.7% during the second quarter. Gulf International Bank UK Ltd now owns 103,349 shares of the financial services provider’s stock worth $10,873,000 after acquiring an additional 700 shares during the period. Finally, SevenBridge Financial Group LLC raised its stake in The PNC Financial Services Group by 3.5% during the second quarter. SevenBridge Financial Group LLC now owns 16,712 shares of the financial services provider’s stock worth $1,758,000 after acquiring an additional 558 shares during the period. Hedge funds and other institutional investors own 79.48% of the company’s stock.

PNC stock opened at $128.90 on Friday. The PNC Financial Services Group, Inc. has a 12-month low of $79.41 and a 12-month high of $161.79. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.79. The company has a market cap of $54.62 billion, a price-to-earnings ratio of 7.71, a PEG ratio of 3.17 and a beta of 1.24. The company has a 50 day moving average of $115.85 and a two-hundred day moving average of $109.92.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Monday, October 19th. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $1.27. The PNC Financial Services Group had a net margin of 38.16% and a return on equity of 5.97%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm earned $2.94 EPS. The company’s revenue was up .9% compared to the same quarter last year. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 5.41 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Friday, October 16th were given a $1.15 dividend. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $4.60 dividend on an annualized basis and a yield of 3.57%. The PNC Financial Services Group’s payout ratio is 40.39%.

Several equities research analysts have commented on PNC shares. Wolfe Research started coverage on shares of The PNC Financial Services Group in a research note on Friday, July 31st. They issued an “underperform” rating on the stock. Oppenheimer restated a “hold” rating on shares of The PNC Financial Services Group in a research note on Tuesday, November 17th. Bank of America raised their price objective on shares of The PNC Financial Services Group from $135.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, October 15th. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. Finally, Piper Sandler raised their price objective on shares of The PNC Financial Services Group from $125.00 to $143.00 and gave the company an “overweight” rating in a research note on Tuesday, November 17th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $125.63.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Featured Story: What sectors are represented in the FTSE 100 index?

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc. (NYSE:PNC).

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for The PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.