The PNC Financial Services Group, Inc $PNC Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,487,074 shares of the financial services provider’s stock after buying an additional 521,455 shares during the quarter. Vanguard Group Inc. owned about 9.77% of The PNC Financial Services Group worth $7,174,760,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PNC. Saudi Central Bank acquired a new stake in shares of The PNC Financial Services Group during the first quarter valued at $27,000. IMG Wealth Management Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Concord Wealth Partners boosted its stake in shares of The PNC Financial Services Group by 144.9% during the 2nd 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. WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the first quarter worth about $36,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth about $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.6%

Shares of NYSE PNC opened at $180.20 on Wednesday. The stock has a market capitalization of $70.66 billion, a PE ratio of 11.64, a P/E/G ratio of 1.26 and a beta of 1.12. 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 fifty day moving average of $190.79 and a 200-day moving average of $188.46. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its 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 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 for the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter last year, the firm earned $3.49 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 2,151 shares of company stock valued at $400,092. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of several recent analyst reports. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. Truist Financial boosted their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, October 3rd. Evercore ISI lifted 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, Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. One equities 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 given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $218.47.

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.