Concord Wealth Partners Has $588,000 Stock Holdings in The PNC Financial Services Group, Inc $PNC

Concord Wealth Partners increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1,630.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,924 shares of the financial services provider’s stock after acquiring an additional 2,755 shares during the quarter. Concord Wealth Partners’ holdings in The PNC Financial Services Group were worth $588,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of The PNC Financial Services Group by 12.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after acquiring an additional 6,572 shares during the period. Envestnet Asset Management Inc. raised its position in The PNC Financial Services Group by 1.2% during the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after purchasing an additional 22,325 shares in the last quarter. First Horizon Corp bought a new stake in The PNC Financial Services Group during the third quarter worth $8,360,000. National Pension Service boosted its holdings in shares of The PNC Financial Services Group by 2.5% in the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after purchasing an additional 26,305 shares in the last quarter. Finally, Savant Capital LLC increased its stake in shares of The PNC Financial Services Group by 8.7% in the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after purchasing an additional 7,064 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Up 1.7%

Shares of NYSE PNC opened at $242.53 on Friday. The firm has a 50 day moving average price of $214.89 and a two-hundred day moving average price of $200.54. The stock has a market cap of $95.11 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 1.01 and a beta of 0.99. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The PNC Financial Services Group’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.77 earnings per share. As a group, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is 40.99%.

Wall Street Analyst Weigh In

PNC has been the subject of several recent analyst reports. Oppenheimer upped their price objective on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. TD Cowen lifted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Barclays increased their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, Truist Financial boosted their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Fifteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.00.

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.