First Horizon Advisors Inc. Boosts Position in The PNC Financial Services Group, Inc $PNC

First Horizon Advisors Inc. boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 60,163 shares of the financial services provider’s stock after purchasing an additional 614 shares during the quarter. First Horizon Advisors Inc.’s holdings in The PNC Financial Services Group were worth $11,216,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. IMG Wealth Management Inc. purchased a new stake in The PNC Financial Services Group during the second quarter worth $27,000. Saudi Central Bank purchased a new stake in The PNC Financial Services Group during the first quarter worth $27,000. Concord Wealth Partners raised 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 worth $32,000 after acquiring an additional 100 shares during the last quarter. Cornerstone Planning Group LLC raised 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 worth $34,000 after acquiring an additional 65 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter worth $37,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Bank of America boosted their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Citigroup upped their target price on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and upped their target price for the company from $185.00 to $212.00 in a research note on Wednesday, July 9th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their target price for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $240.00 target price (up from $235.00) on shares of The PNC Financial Services Group in a research note on Thursday, October 16th. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $182.93 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. 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 has a 50 day moving average price of $195.17 and a two-hundred day moving average price of $186.72. The firm has a market cap of $72.04 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10.

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 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 for the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the previous year, the business 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. 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 firm 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 dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s payout ratio is currently 43.93%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is owned by corporate insiders.

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.