Bristlecone Advisors LLC Lowers Holdings in The PNC Financial Services Group, Inc $PNC

Bristlecone Advisors LLC cut its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 22.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,963 shares of the financial services provider’s stock after selling 560 shares during the period. Bristlecone Advisors LLC’s holdings in The PNC Financial Services Group were worth $366,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Avior Wealth Management LLC lifted its holdings in The PNC Financial Services Group by 4.5% in the 2nd quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 52 shares in the last quarter. Rockland Trust Co. lifted its holdings in The PNC Financial Services Group by 0.5% in the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock worth $1,957,000 after purchasing an additional 53 shares in the last quarter. Almanack Investment Partners LLC. lifted its holdings in The PNC Financial Services Group by 2.3% in the 2nd quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 55 shares in the last quarter. Rosenberg Matthew Hamilton lifted its holdings in The PNC Financial Services Group by 15.0% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 56 shares in the last quarter. Finally, Kestra Investment Management LLC lifted its holdings in The PNC Financial Services Group by 11.4% in the 1st quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider’s stock worth $99,000 after purchasing an additional 58 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on PNC shares. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Morgan Stanley upped their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Finally, Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $181.05 on Thursday. The company has a market cap of $71.30 billion, a P/E ratio of 11.70, a P/E/G ratio of 1.27 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 business’s 50 day moving average price is $196.56 and its 200-day moving average price is $185.66. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate 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 company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.49 EPS. Sell-side analysts predict 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 given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. The PNC Financial Services Group’s payout ratio is currently 43.93%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.41% of the company’s stock.

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.