Envestnet Portfolio Solutions Inc. Has $5.50 Million Position in The PNC Financial Services Group, Inc $PNC

Envestnet Portfolio Solutions Inc. boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 14.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,508 shares of the financial services provider’s stock after purchasing an additional 3,667 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in The PNC Financial Services Group were worth $5,501,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Saudi Central Bank bought a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $27,000. Concord Wealth Partners grew its position in shares of 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 grew its position in shares of 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. Opal Wealth Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $35,000. Finally, WPG Advisers LLC bought a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $36,000. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of analyst reports. Truist Financial upped their price target 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. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Wells Fargo & Company raised 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. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Finally, Bank of America raised their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $218.21.

The PNC Financial Services Group Stock Up 1.5%

Shares of NYSE:PNC opened at $189.71 on Wednesday. The business’s 50 day simple moving average is $198.61 and its two-hundred day simple moving average is $183.77. The firm has a market cap of $74.71 billion, a P/E ratio of 12.98, a PEG ratio of 1.30 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. 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 announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%.The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.39 earnings per share. As a group, research analysts forecast 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 issued a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio is presently 46.51%.

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.