Convergence Investment Partners LLC Decreases Stock Position in The PNC Financial Services Group, Inc $PNC

Convergence Investment Partners LLC lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 41.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,563 shares of the financial services provider’s stock after selling 4,604 shares during the period. Convergence Investment Partners LLC’s holdings in The PNC Financial Services Group were worth $1,224,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PNC. Massachusetts Financial Services Co. MA raised its holdings in The PNC Financial Services Group by 26.1% during the 1st 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 buying an additional 1,964,157 shares during the period. Nuveen LLC purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at $306,905,000. Amundi raised its holdings in The PNC Financial Services Group by 76.1% during the 1st quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock valued at $352,592,000 after buying an additional 944,731 shares during the period. AQR Capital Management LLC raised its holdings in The PNC Financial Services Group by 187.3% during the 1st quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock valued at $245,055,000 after buying an additional 926,709 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in The PNC Financial Services Group by 41.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after buying an additional 830,440 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC opened at $186.38 on Monday. 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 business’s fifty day simple moving average is $197.18 and its 200-day simple moving average is $185.06. The company 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly 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 PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the prior year, the company earned $3.49 EPS. The business’s revenue was up 8.9% compared to the same quarter last year. On average, equities research 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 Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio is presently 43.93%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Saturday. Evercore ISI increased their target price on 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. Truist Financial increased their target price on 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. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. Finally, Oppenheimer reiterated an “outperform” rating and issued a $240.00 target price (up previously from $235.00) on shares of The PNC Financial Services Group in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $218.47.

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.