IMG Wealth Management Inc. Invests $27,000 in The PNC Financial Services Group, Inc $PNC

IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 144 shares of the financial services provider’s stock, valued at approximately $27,000.

Several other institutional investors also recently modified their holdings of the stock. Jackson Thornton Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $449,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of The PNC Financial Services Group by 3.3% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 100,372 shares of the financial services provider’s stock worth $18,711,000 after buying an additional 3,215 shares during the period. Whittier Trust Co. grew its position in shares of The PNC Financial Services Group by 8.0% during the 2nd quarter. Whittier Trust Co. now owns 220,683 shares of the financial services provider’s stock worth $41,139,000 after buying an additional 16,365 shares during the period. apricus wealth LLC grew its position in shares of The PNC Financial Services Group by 1.3% during the 2nd quarter. apricus wealth LLC now owns 13,370 shares of the financial services provider’s stock worth $2,492,000 after buying an additional 173 shares during the period. Finally, Atlantic Edge Private Wealth Management LLC grew its position in shares of The PNC Financial Services Group by 31.8% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 850 shares of the financial services provider’s stock worth $158,000 after buying an additional 205 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Up 1.6%

NYSE:PNC opened at $182.26 on Tuesday. 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 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The business has a 50 day moving average price of $197.97 and a two-hundred day moving average price of $184.22. The company has a market cap of $71.78 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the prior year, the firm posted $3.49 EPS. The business’s revenue was up 8.9% on a year-over-year basis. As a group, analysts expect 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 company also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be given 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 3.7%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial boosted their price objective on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 3rd. Citigroup boosted their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Evercore ISI boosted their price objective on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $218.47.

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.