AssuredPartners Investment Advisors LLC Sells 2,598 Shares of The PNC Financial Services Group, Inc $PNC

AssuredPartners Investment Advisors LLC lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 61.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,628 shares of the financial services provider’s stock after selling 2,598 shares during the quarter. AssuredPartners Investment Advisors LLC’s holdings in The PNC Financial Services Group were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Saudi Central Bank bought a new position in The PNC Financial Services Group in the 1st quarter worth $27,000. Concord Wealth Partners raised its position 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 valued at $32,000 after buying an additional 100 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in 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 valued at $34,000 after acquiring an additional 65 shares during the period. WPG Advisers LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at about $36,000. Finally, Fourth Dimension Wealth LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at about $41,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 0.5%

Shares of NYSE:PNC opened at $179.30 on Friday. The company has a 50-day simple moving average of $198.10 and a 200 day simple moving average of $183.81. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.80 and a current ratio of 0.81. The company has a market capitalization of $70.61 billion, a P/E ratio of 11.58, a price-to-earnings-growth ratio of 1.24 and a beta of 1.10. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The PNC Financial Services Group’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the company posted $3.49 EPS. Sell-side analysts forecast 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.51%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Raymond James Financial upped their price objective on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. UBS Group increased their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Stephens reiterated an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Evercore ISI increased their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Finally, Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $218.47.

The PNC Financial Services Group Profile

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.