Federated Hermes Inc. Has $517.60 Million Position in The PNC Financial Services Group, Inc $PNC

Federated Hermes Inc. increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 43.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,776,517 shares of the financial services provider’s stock after purchasing an additional 845,148 shares during the quarter. The PNC Financial Services Group makes up about 1.0% of Federated Hermes Inc.’s portfolio, making the stock its 11th largest holding. Federated Hermes Inc. owned about 0.71% of The PNC Financial Services Group worth $517,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Saudi Central Bank bought a new stake in shares of The PNC Financial Services Group during the first quarter worth $27,000. IMG Wealth Management Inc. acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $27,000. Concord Wealth Partners boosted its holdings in shares of The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 100 shares in the last quarter. WPG Advisers LLC bought a new stake in The PNC Financial Services Group during the 1st quarter worth $36,000. Finally, FNY Investment Advisers LLC acquired a new position in The PNC Financial Services Group in the 2nd quarter worth about $37,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.2%

NYSE:PNC opened at $197.91 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $209.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s fifty day moving average is $187.70 and its 200-day moving average is $190.05. The firm has a market cap of $77.61 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.11 and a beta of 1.01.

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 (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The business 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 business earned $3.49 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 8.9% on a year-over-year basis. Equities analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PNC. UBS Group lifted their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Citigroup lifted their target price on shares of 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. Oppenheimer decreased their price target on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Evercore ISI lifted their price target 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 upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $218.00.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the 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 directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is currently owned by insiders.

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.