Freedom Investment Management Inc. Increases Stake in The PNC Financial Services Group, Inc $PNC

Freedom Investment Management Inc. increased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 3.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,164 shares of the financial services provider’s stock after acquiring an additional 93 shares during the quarter. Freedom Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $590,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth about $27,000. Saudi Central Bank purchased a new position in The PNC Financial Services Group during the 1st quarter valued at about $27,000. Concord Wealth Partners grew its holdings in 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 valued at $32,000 after buying an additional 100 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings 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 valued at $34,000 after buying an additional 65 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at about $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PNC shares. UBS Group lifted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Morgan Stanley lifted their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Finally, Citigroup lifted their target price on 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. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Up 2.4%

Shares of NYSE PNC opened at $186.38 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $73.40 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.30 and a beta of 1.10. The business has a 50-day moving average of $197.18 and a 200-day moving average of $184.89.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the previous year, the firm earned $3.49 earnings per share. The PNC Financial Services Group’s revenue was up 8.9% on a year-over-year basis. Sell-side 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group’s payout ratio is presently 43.93%.

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.