The PNC Financial Services Group, Inc $PNC Shares Acquired by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 22.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,499 shares of the financial services provider’s stock after buying an additional 4,932 shares during the period. Integrated Wealth Concepts LLC’s holdings in The PNC Financial Services Group were worth $6,526,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. California State Teachers Retirement System lifted its holdings in The PNC Financial Services Group by 24,820.0% in the second quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider’s stock worth $37,967,719,000 after acquiring an additional 153,583,625 shares during the last quarter. BlackRock Inc. bought a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $7,921,455,000. Norges Bank bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,967,080,000. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $2,102,631,000. Finally, Viking Global Investors LP raised its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

PNC opened at $244.32 on Friday. The business’s 50 day moving average is $249.01 and its 200-day moving average is $230.27. The stock has a market cap of $97.47 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 1.21 and a beta of 0.90. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the firm posted $3.85 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. On average, analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNC. Oppenheimer boosted their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Truist Financial increased their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Argus raised their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.