Amalgamated Bank Has $14.28 Million Stake in The PNC Financial Services Group, Inc $PNC

Amalgamated Bank trimmed its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 0.5% in the second quarter, HoldingsChannel reports. The firm owned 76,600 shares of the financial services provider’s stock after selling 364 shares during the period. Amalgamated Bank’s holdings in The PNC Financial Services Group were worth $14,280,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. IMG Wealth Management Inc. bought a new position in The PNC Financial Services Group in the 2nd quarter valued at $27,000. Saudi Central Bank bought a new position in The PNC Financial Services Group in the 1st quarter valued at $27,000. Concord Wealth Partners boosted its position in The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. Cornerstone Planning Group LLC boosted its position in The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 65 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in The PNC Financial Services Group in the 2nd quarter valued at $37,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Up 0.7%

NYSE:PNC opened at $182.23 on Friday. The stock’s fifty day simple moving average is $196.32 and its 200-day simple moving average is $185.63. 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 firm has a market capitalization of $71.76 billion, a P/E ratio of 11.77, a P/E/G ratio of 1.26 and a beta of 1.10. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.49 earnings per share. Equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

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 issued a dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s payout ratio is currently 43.93%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PNC. Truist Financial increased 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. Wolfe Research reiterated a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Raymond James Financial raised their price target 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, UBS Group raised their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.47.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Company 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.