RNC Capital Management LLC Has $1.20 Million Stock Position in The PNC Financial Services Group, Inc $PNC

RNC Capital Management LLC lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 23.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 6,451 shares of the financial services provider’s stock after selling 1,929 shares during the period. RNC Capital Management LLC’s holdings in The PNC Financial Services Group were worth $1,203,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Freedom Investment Management Inc. raised its holdings in shares of The PNC Financial Services Group by 3.0% during the 2nd quarter. Freedom Investment Management Inc. now owns 3,164 shares of the financial services provider’s stock worth $590,000 after buying an additional 93 shares in the last quarter. Forum Financial Management LP raised its holdings in shares of The PNC Financial Services Group by 2.0% during the 2nd quarter. Forum Financial Management LP now owns 6,418 shares of the financial services provider’s stock worth $1,197,000 after buying an additional 123 shares in the last quarter. Ethic Inc. raised its holdings in shares of The PNC Financial Services Group by 1.9% during the 2nd quarter. Ethic Inc. now owns 82,245 shares of the financial services provider’s stock worth $15,277,000 after buying an additional 1,535 shares in the last quarter. Parcion Private Wealth LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $492,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $37,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.5%

NYSE PNC opened at $181.05 on Thursday. The business’s 50-day moving average price is $197.54 and its two-hundred day moving average price is $184.18. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The firm has a market capitalization of $71.30 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06.

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, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the previous year, the company posted $3.49 EPS. The business’s revenue was up 8.9% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. The PNC Financial Services Group’s dividend payout ratio is presently 43.93%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PNC shares. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, October 3rd. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Citigroup boosted their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

About The PNC Financial Services Group

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.