Chevy Chase Trust Holdings LLC Purchases 635 Shares of The PNC Financial Services Group, Inc $PNC

Chevy Chase Trust Holdings LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 0.3% in the second quarter, HoldingsChannel reports. The fund owned 214,238 shares of the financial services provider’s stock after buying an additional 635 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in The PNC Financial Services Group were worth $39,938,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PNC. Massachusetts Financial Services Co. MA increased its holdings in The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after purchasing an additional 1,964,157 shares during the last quarter. Nuveen LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at about $306,905,000. Amundi increased its holdings in The PNC Financial Services Group by 76.1% in the first quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock valued at $352,592,000 after purchasing an additional 944,731 shares during the last quarter. AQR Capital Management LLC increased its holdings in The PNC Financial Services Group by 187.3% in the first quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock valued at $245,055,000 after purchasing an additional 926,709 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after purchasing an additional 830,440 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.5%

PNC stock opened at $179.30 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.80. The stock has a market capitalization of $70.61 billion, a P/E ratio of 11.58, a P/E/G ratio of 1.24 and a beta of 1.10. The business has a 50-day moving average of $198.10 and a 200-day moving average of $183.81. 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The PNC Financial Services Group’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.49 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 46.51%.

Analysts Set New Price Targets

A number of research firms recently commented on PNC. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Evercore ISI increased their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. Truist Financial increased their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Finally, Bank of America increased their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned 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 PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group 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.