Envestnet Portfolio Solutions Inc. Raises Position in The PNC Financial Services Group, Inc $PNC

Envestnet Portfolio Solutions Inc. raised its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 14.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 29,508 shares of the financial services provider’s stock after buying an additional 3,667 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in The PNC Financial Services Group were worth $5,501,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Saudi Central Bank purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth approximately $27,000. Concord Wealth Partners raised its stake in shares of The PNC Financial Services Group by 144.9% in the second 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. Cornerstone Planning Group LLC raised its stake in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 65 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth approximately $35,000. Finally, WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth approximately $36,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $189.71 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day simple moving average of $198.61 and a two-hundred day simple moving average of $183.77. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a market capitalization of $74.71 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.30 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%.The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same period last year, the business posted $3.39 earnings per share. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts expect 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 declared a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.51%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNC. Oppenheimer decreased their price target on The PNC Financial Services Group from $238.00 to $235.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Citigroup increased their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. UBS Group increased their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Wolfe Research reaffirmed a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Finally, Bank of America increased their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $218.21.

About The PNC Financial Services Group

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.