Canvas Wealth Advisors LLC Invests $234,000 in The PNC Financial Services Group, Inc $PNC

Canvas Wealth Advisors LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 1,204 shares of the financial services provider’s stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Saudi Central Bank acquired a new stake in The PNC Financial Services Group during the first quarter worth about $27,000. Concord Wealth Partners grew its holdings in shares of The PNC Financial Services Group by 144.9% during the 2nd 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 period. Cornerstone Planning Group LLC increased its position in The PNC Financial Services Group by 50.8% during the 1st 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 in the last quarter. WPG Advisers LLC purchased a new position in The PNC Financial Services Group in the first quarter valued at approximately $36,000. Finally, Fourth Dimension Wealth LLC acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $41,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 3rd. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Finally, Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $182.26 on Tuesday. The firm has a 50-day moving average of $197.97 and a two-hundred day moving average of $184.22. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $71.78 billion, a P/E ratio of 11.77, a PEG ratio of 1.25 and a beta of 1.10. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.49 earnings per share. On average, research analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

The PNC Financial Services Group Company 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.