RNC Capital Management LLC Trims Holdings in The PNC Financial Services Group, Inc $PNC

RNC Capital Management LLC trimmed its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 23.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 6,451 shares of the financial services provider’s stock after selling 1,929 shares during the period. RNC Capital Management LLC’s holdings in The PNC Financial Services Group were worth $1,203,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Saudi Central Bank acquired a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $27,000. IMG Wealth Management Inc. acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $27,000. Concord Wealth Partners grew its holdings 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 valued at $32,000 after purchasing an additional 100 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings 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 valued at $34,000 after purchasing an additional 65 shares in the last quarter. Finally, WPG Advisers LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $36,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNC. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Raymond James Financial boosted their price target on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Finally, Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $181.05 on Thursday. The stock has a market capitalization of $71.30 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10. 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 business’s fifty day moving average price is $197.54 and its two-hundred day moving average price is $184.18. 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 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 (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the company earned $3.49 earnings per share. As a group, analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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 issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.8%. The PNC Financial Services Group’s payout ratio is currently 43.93%.

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.