Carnegie Investment Counsel Buys 1,726 Shares of The PNC Financial Services Group, Inc $PNC

Carnegie Investment Counsel grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 28.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,861 shares of the financial services provider’s stock after buying an additional 1,726 shares during the period. Carnegie Investment Counsel’s holdings in The PNC Financial Services Group were worth $1,465,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Saudi Central Bank bought a new position in The PNC Financial Services Group during the first quarter worth about $27,000. IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at about $27,000. Concord Wealth Partners lifted 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 valued at $32,000 after purchasing an additional 100 shares in the last quarter. Cornerstone Planning Group LLC lifted its holdings in shares of 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 purchasing an additional 65 shares in the last quarter. Finally, WPG Advisers LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at about $36,000. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PNC. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Bank of America lifted their price objective on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Morgan Stanley lifted their price objective 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Saturday. Finally, Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $218.47.

The PNC Financial Services Group Stock Up 2.4%

Shares of The PNC Financial Services Group stock opened at $186.38 on Friday. The business’s 50 day simple moving average is $197.18 and its 200 day simple moving average is $184.89. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a market cap of $73.40 billion, a PE ratio of 12.04, a P/E/G ratio of 1.30 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81.

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, beating 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 analyst estimates of $5.82 billion. During the same quarter last year, the firm earned $3.49 EPS. The PNC Financial Services Group’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, analysts predict 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders 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 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group’s payout ratio is 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.