Public Sector Pension Investment Board Increases Position in The PNC Financial Services Group, Inc $PNC

Public Sector Pension Investment Board grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 13.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 261,888 shares of the financial services provider’s stock after purchasing an additional 30,464 shares during the period. Public Sector Pension Investment Board’s holdings in The PNC Financial Services Group were worth $52,621,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. IMG Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at $27,000. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $34,000. FNY Investment Advisers LLC acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at about $37,000. True Wealth Design LLC increased its stake in The PNC Financial Services Group by 1,133.3% during the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 204 shares during the period. Finally, Bayforest Capital Ltd increased its stake in The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 2.5%

Shares of NYSE:PNC opened at $229.65 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $243.94. The company’s 50 day moving average is $218.21 and its two-hundred day moving average is $201.62. The company has a market cap of $90.06 billion, a PE ratio of 13.84, a P/E/G ratio of 0.98 and a beta of 0.99. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.77 EPS. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PNC shares. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Royal Bank Of Canada raised their price target on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. TD Cowen upped their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Finally, Truist Financial boosted their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Fifteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $234.44.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.