Atlantic Edge Private Wealth Management LLC Boosts Stock Position in The PNC Financial Services Group, Inc $PNC

Atlantic Edge Private Wealth Management LLC increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 31.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 850 shares of the financial services provider’s stock after purchasing an additional 205 shares during the quarter. Atlantic Edge Private Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $158,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in The PNC Financial Services Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider’s stock worth $6,673,217,000 after purchasing an additional 248,252 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after buying an additional 1,964,157 shares during the period. Ameriprise Financial Inc. grew its holdings in The PNC Financial Services Group by 0.5% in the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after buying an additional 24,588 shares during the period. Bank of New York Mellon Corp grew its holdings in The PNC Financial Services Group by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider’s stock valued at $713,063,000 after buying an additional 186,249 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in The PNC Financial Services Group by 41.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after buying an additional 830,440 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on PNC. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Truist Financial lifted their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. Stephens restated an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Evercore ISI lifted their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $182.26 on Tuesday. The stock’s 50 day moving average price is $197.97 and its 200 day moving average price is $184.22. The firm has a market capitalization of $71.78 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.25 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly 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 firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The PNC Financial Services Group’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.49 EPS. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

The PNC Financial Services Group Company 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.