The PNC Financial Services Group, Inc $PNC Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 21.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,322 shares of the financial services provider’s stock after purchasing an additional 4,735 shares during the quarter. Ritholtz Wealth Management’s holdings in The PNC Financial Services Group were worth $5,093,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PNC. Saudi Central Bank purchased a new stake in shares of The PNC Financial Services Group during the first quarter worth approximately $27,000. Concord Wealth Partners lifted its stake in 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. Cornerstone Planning Group LLC grew its holdings in The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 65 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in The PNC Financial Services Group during the 1st quarter worth approximately $35,000. Finally, WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $36,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and increased their target price for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Citigroup upped their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. UBS Group increased their price objective on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 2nd. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.21.

The PNC Financial Services Group Trading Up 1.5%

Shares of PNC stock opened at $189.71 on Wednesday. The company has a market capitalization of $74.71 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.30 and a beta of 1.10. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The business’s 50 day moving average is $198.61 and its two-hundred day moving average is $183.77. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.39 earnings per share. Equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group’s payout ratio is currently 46.51%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.