CVA Family Office LLC Grows Holdings in The PNC Financial Services Group, Inc $PNC

CVA Family Office LLC boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 5.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,199 shares of the financial services provider’s stock after purchasing an additional 64 shares during the period. CVA Family Office LLC’s holdings in The PNC Financial Services Group were worth $224,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Saudi Central Bank acquired a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $27,000. Concord Wealth Partners raised its stake in shares of The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Cornerstone Planning Group LLC raised its stake in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 65 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $37,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $186.38 on Friday. The stock has a fifty day moving average price of $197.18 and a 200 day moving average price of $184.89. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $73.40 billion, a PE ratio of 12.04, a P/E/G ratio of 1.30 and a beta of 1.10. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the business posted $3.49 earnings per share. Sell-side analysts forecast 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. Shareholders 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 yield of 3.6%. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Wall Street Analyst Weigh In

A number of brokerages have commented on PNC. Oppenheimer restated an “outperform” rating and set a $240.00 price objective (up previously from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Truist Financial increased their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Raymond James Financial boosted their target price on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. Finally, Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and raised their price target for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. One investment 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $218.47.

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.