Meritage Portfolio Management Acquires 6,440 Shares of The PNC Financial Services Group, Inc $PNC

Meritage Portfolio Management boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 24.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,191 shares of the financial services provider’s stock after acquiring an additional 6,440 shares during the period. Meritage Portfolio Management’s holdings in The PNC Financial Services Group were worth $6,669,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. IMG Wealth Management Inc. bought a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Concord Wealth Partners boosted its holdings in shares of The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. FNY Investment Advisers LLC bought a new position in The PNC Financial Services Group in the second quarter valued at about $37,000. Bayforest Capital Ltd grew its holdings in shares of The PNC Financial Services Group by 237.1% during the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 147 shares during the last quarter. Finally, True Wealth Design LLC increased its holdings in shares of The PNC Financial Services Group by 1,133.3% during the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after buying an additional 204 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays lifted their price target on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Evercore ISI raised their price target on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $222.06.

Insider Activity

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. The trade was a 3.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Down 0.2%

PNC opened at $212.07 on Thursday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $220.54. The company has a market cap of $83.16 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.91 and a beta of 0.99. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average of $201.26 and a 200 day moving average of $196.88.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.82 billion. During the same quarter in the previous year, the firm posted $3.49 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, sell-side 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Tuesday, January 20th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.