Janney Capital Management LLC Boosts Stake in The PNC Financial Services Group, Inc $PNC

Janney Capital Management LLC raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 236.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,441 shares of the financial services provider’s stock after acquiring an additional 11,555 shares during the quarter. Janney Capital Management LLC’s holdings in The PNC Financial Services Group were worth $3,303,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PNC. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $27,000. Concord Wealth Partners grew its stake in shares of The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in The PNC Financial Services Group in the second quarter valued at $37,000. True Wealth Design LLC raised its stake in The PNC Financial Services Group by 1,133.3% in the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after buying an additional 204 shares in the last quarter. Finally, Bayforest Capital Ltd raised its stake in The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after buying an additional 147 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Buying and Selling

In other news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $215.79 on Tuesday. The business has a 50 day simple moving average of $200.11 and a 200-day simple moving average of $196.59. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $220.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $84.63 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 0.93 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results 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 net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter last year, the business earned $3.49 EPS. The business’s revenue was up 8.9% on a year-over-year basis. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Oppenheimer dropped their price objective on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $215.00 to $228.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Barclays upped their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Piper Sandler upgraded shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Finally, UBS Group raised their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $222.06.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.