Smithbridge Asset Management Inc. DE Cuts Position in The PNC Financial Services Group, Inc $PNC

Smithbridge Asset Management Inc. DE decreased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 6.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,746 shares of the financial services provider’s stock after selling 354 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in The PNC Financial Services Group were worth $885,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Brighton Jones LLC raised its position in The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 984 shares during the period. GAMMA Investing LLC raised its position in The PNC Financial Services Group by 10.3% in the first quarter. GAMMA Investing LLC now owns 6,537 shares of the financial services provider’s stock valued at $1,149,000 after purchasing an additional 608 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of The PNC Financial Services Group by 221.2% in the first quarter. Exchange Traded Concepts LLC now owns 1,333 shares of the financial services provider’s stock worth $234,000 after acquiring an additional 918 shares in the last quarter. Sowell Financial Services LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter worth $582,000. Finally, Inscription Capital LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter worth $271,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $178.18 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06. The firm has a fifty day moving average price of $198.30 and a 200 day moving average price of $183.78. The company has a market cap of $70.17 billion, a P/E ratio of 11.51, a PEG ratio of 1.27 and a beta of 1.10. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the prior year, the firm posted $3.49 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 8.9% on a year-over-year basis. Sell-side 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 business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 46.51%.

Analysts Set New Price Targets

Several research firms have commented on PNC. Citigroup boosted their price target on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Wall Street Zen upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. UBS Group boosted their price target on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. Finally, Evercore ISI boosted their price target on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. One 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $218.47.

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.