Ramsay Stattman Vela & Price Inc. acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 10,000 shares of the financial services provider’s stock, valued at approximately $2,223,000.
Several other institutional investors have also added to or reduced their stakes in the business. Novem Group raised its stake in shares of The PNC Financial Services Group by 1.0% in the third quarter. Novem Group now owns 19,172 shares of the financial services provider’s stock worth $4,261,000 after purchasing an additional 183 shares during the last quarter. AA Financial Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 3.7% during the third quarter. AA Financial Advisors LLC now owns 1,663 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 60 shares in the last quarter. Kaufman Rossin Wealth LLC lifted its holdings in shares of The PNC Financial Services Group by 16.8% during the third quarter. Kaufman Rossin Wealth LLC now owns 1,586 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 228 shares in the last quarter. Optivise Advisory Services LLC boosted its position in shares of The PNC Financial Services Group by 10.4% during the third quarter. Optivise Advisory Services LLC now owns 1,057 shares of the financial services provider’s stock valued at $235,000 after buying an additional 100 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its position in shares of The PNC Financial Services Group by 4.8% during the third quarter. V Square Quantitative Management LLC now owns 9,994 shares of the financial services provider’s stock valued at $2,221,000 after buying an additional 459 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
Trending Headlines about The PNC Financial Services Group
Here are the key news stories impacting The PNC Financial Services Group this week:
- Positive Sentiment: PNC reported a strong third quarter, with earnings of $5.09 per share exceeding the $4.91 consensus estimate and revenue of $6.60 billion rising 10.9% year over year. The company generated approximately $2.1 billion in profit, supporting the case for continued earnings and dividend capacity. PNC posts $2.1 billion profit as revenue tops prior year
- Positive Sentiment: Despite target reductions, Citigroup retained a “buy” rating with a $270 target, while Evercore and Stephens kept “outperform” and “overweight” ratings, respectively. These targets remain materially above the current share price, indicating analysts still see potential upside. Analyst price target revisions
- Neutral Sentiment: Analysts focused on key issues during PNC’s third-quarter earnings call, including the outlook for revenue, expenses, credit quality and capital returns. Their questions highlight the factors investors will monitor to determine whether recent growth can continue. The 5 Most Interesting Analyst Questions From PNC Financial Services Group’s Q3 Earnings Call
- Negative Sentiment: Citigroup cut its target from $290 to $270, Evercore from $265 to $260, Stephens from $265 to $250, Morgan Stanley from $278 to $273, and Truist from $252 to $248. Morgan Stanley kept an “equal weight” rating and Truist maintained “hold.” The coordinated downward revisions can weigh on sentiment even though the targets still imply upside.
- Negative Sentiment: Commentary presents PNC as a potentially attractive dividend stock but warns that investors should consider the associated risk or limitation before treating the yield as a bargain. This tempers the otherwise positive income-investment thesis. PNC Financial Looks Like a Dividend Deal, but There’s a Catch
Insider Activity at The PNC Financial Services Group
In other news, EVP Stacy Juchno sold 3,354 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.38% of the stock is owned by company insiders.
The PNC Financial Services Group Stock Performance
Shares of NYSE PNC opened at $216.15 on Tuesday. The firm has a 50 day moving average of $234.63 and a 200 day moving average of $233.34. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $86.23 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 1.14 and a beta of 0.94. The PNC Financial Services Group, Inc has a 12-month low of $177.08 and a 12-month high of $258.96.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. During the same period last year, the firm earned $4.35 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current year.
The PNC Financial Services Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.7%. The PNC Financial Services Group’s payout ratio is presently 42.58%.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the company. Citigroup reduced their price objective on The PNC Financial Services Group from $290.00 to $270.00 and set a “buy” rating for the company in a report on Monday. The Goldman Sachs Group lowered their target price on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Stephens lowered their target price on shares of The PNC Financial Services Group from $265.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday. DA Davidson raised their price target on shares of The PNC Financial Services Group from $247.00 to $281.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Finally, HSBC lifted their price target on shares of The PNC Financial Services Group from $275.00 to $283.00 and gave the stock a “buy” rating in a research note on Monday, September 28th. Seventeen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $266.13.
Read Our Latest Analysis on The PNC Financial Services Group
The PNC Financial Services Group Profile
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.
PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.
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