The PNC Financial Services Group, Inc $PNC Stock Position Increased by Granite Group Advisors LLC

Granite Group Advisors LLC grew its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 8.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,566 shares of the financial services provider’s stock after purchasing an additional 1,200 shares during the period. The PNC Financial Services Group makes up 1.7% of Granite Group Advisors LLC’s holdings, making the stock its 7th largest position. Granite Group Advisors LLC’s holdings in The PNC Financial Services Group were worth $2,902,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Ignite Planners LLC lifted its stake in The PNC Financial Services Group by 8.4% during the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 126 shares during the period. Exane Asset Management increased its stake in shares of The PNC Financial Services Group by 32.9% in the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider’s stock worth $28,434,000 after acquiring an additional 37,110 shares during the period. Smith Salley Wealth Management raised its holdings in shares of The PNC Financial Services Group by 15.6% during the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider’s stock worth $12,804,000 after purchasing an additional 9,836 shares during the last quarter. United Community Bank lifted its position in The PNC Financial Services Group by 687.0% during the first quarter. United Community Bank now owns 12,325 shares of the financial services provider’s stock valued at $2,166,000 after purchasing an additional 10,759 shares during the period. Finally, Kingswood Wealth Advisors LLC lifted its position in The PNC Financial Services Group by 4.5% during the first quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 120 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $189.71 on Wednesday. The firm has a market cap of $74.71 billion, a PE ratio of 12.98, a P/E/G ratio of 1.30 and a beta of 1.10. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The business has a 50-day moving average price of $198.61 and a 200 day moving average price of $183.77.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.51%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PNC. Stephens reaffirmed an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Wells Fargo & Company upped their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. Raymond James Financial raised their target price on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Citigroup boosted their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $218.21.

The PNC Financial Services Group Profile

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.