Canvas Wealth Advisors LLC Buys Shares of 1,204 The PNC Financial Services Group, Inc $PNC

Canvas Wealth Advisors LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,204 shares of the financial services provider’s stock, valued at approximately $234,000.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in The PNC Financial Services Group by 0.7% in the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider’s stock valued at $6,673,217,000 after purchasing an additional 248,252 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Ameriprise Financial Inc. grew its stake in The PNC Financial Services Group by 0.5% in the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after acquiring an additional 24,588 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in The PNC Financial Services Group by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider’s stock valued at $713,063,000 after acquiring an additional 186,249 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in The PNC Financial Services Group by 41.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock worth $495,336,000 after acquiring an additional 830,440 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Evercore ISI upped 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, Morgan Stanley increased their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned 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 target price of $218.47.

The PNC Financial Services Group Trading Up 1.6%

Shares of The PNC Financial Services Group stock opened at $182.26 on Tuesday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The business’s fifty day moving average is $197.97 and its two-hundred day moving average is $184.22. 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 cap of $71.78 billion, a PE ratio of 11.77, a P/E/G ratio of 1.25 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS 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 business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the business earned $3.49 earnings per share. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is presently 43.93%.

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.