2,831 The PNC Financial Services Group, Inc $PNC Shares Acquired by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System grew its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 13.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,417 shares of the financial services provider’s stock after buying an additional 2,831 shares during the quarter. Maryland State Retirement & Pension System’s holdings in The PNC Financial Services Group were worth $5,427,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $7,921,455,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $2,102,631,000. Deutsche Bank AG acquired a new position in shares of The PNC Financial Services Group in the second quarter worth $1,054,189,000. Jupiter Topco LLC purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth about $756,877,000. Finally, Legal & General Group Plc purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $669,168,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Keefe, Bruyette & Woods lowered their price target on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a report on Friday, October 16th. Robert W. Baird lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Truist Financial dropped their target price on The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating on the stock in a report on Monday, October 19th. Oppenheimer raised their price target on The PNC Financial Services Group from $269.00 to $274.00 and gave the company an “outperform” rating in a research note on Monday, November 2nd. Finally, Wolfe Research began coverage on The PNC Financial Services Group in a report on Tuesday, October 27th. They set a “peer perform” rating for the company. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $266.04.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $231.40 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.28. The PNC Financial Services Group, Inc has a 52 week low of $177.08 and a 52 week high of $258.96. The firm’s 50 day moving average is $227.87 and its two-hundred day moving average is $229.39. The firm has a market capitalization of $91.82 billion, a P/E ratio of 12.12, a P/E/G ratio of 1.20 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter in the previous year, the firm earned $4.35 EPS. The company’s revenue was up 10.9% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 19.24 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Investors of record on Wednesday, October 14th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.5%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.58%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.