Pinnacle Associates Ltd. Makes New Investment in The PNC Financial Services Group, Inc $PNC

Pinnacle Associates Ltd. bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 68,279 shares of the financial services provider’s stock, valued at approximately $15,176,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in The PNC Financial Services Group by 1.4% in the third quarter. Nisa Investment Advisors LLC now owns 161,301 shares of the financial services provider’s stock worth $35,851,000 after purchasing an additional 2,160 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of The PNC Financial Services Group by 52.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 84,900 shares of the financial services provider’s stock valued at $18,870,000 after buying an additional 29,119 shares during the period. Diversify Advisory Services LLC boosted its position in shares of The PNC Financial Services Group by 7.3% during the third quarter. Diversify Advisory Services LLC now owns 4,199 shares of the financial services provider’s stock valued at $903,000 after buying an additional 286 shares during the period. 55 North Private Wealth LLC grew its stake in shares of The PNC Financial Services Group by 7.4% during the third quarter. 55 North Private Wealth LLC now owns 1,349 shares of the financial services provider’s stock valued at $300,000 after buying an additional 93 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of The PNC Financial Services Group by 0.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 58,476 shares of the financial services provider’s stock valued at $12,997,000 after buying an additional 433 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of several recent analyst reports. TD Cowen reduced their price target on The PNC Financial Services Group from $245.00 to $240.00 and set a “hold” rating on the stock in a report on Friday, October 16th. Stephens decreased their price target on The PNC Financial Services Group from $265.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday. JPMorgan Chase & Co. dropped their price objective on The PNC Financial Services Group from $269.50 to $258.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. Raymond James Financial cut their price objective on The PNC Financial Services Group from $275.00 to $255.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. Finally, Morgan Stanley cut their price objective on The PNC Financial Services Group from $278.00 to $273.00 and set an “equal weight” rating on the stock in a research report on Friday, October 16th. Seventeen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $266.13.

The PNC Financial Services Group News Roundup

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: Citigroup, Evercore, and Stephens retained bullish ratings on PNC—“buy,” “outperform,” and “overweight,” respectively—despite lowering their price targets. Their revised targets remain above the stock’s recent trading range, signaling continued confidence in the bank’s longer-term prospects.
• Positive Sentiment: Morgan Stanley maintained an “equal weight” rating while setting a $273 target, and Truist kept a “hold” rating with a $248 target. Although not outright bullish, both targets imply analysts believe the shares could appreciate from recent levels.
• Neutral Sentiment: A Yahoo Finance article reviews five notable questions from PNC’s third-quarter earnings call, offering additional insight into analyst concerns and management’s outlook but no new specific catalyst in the available report. The 5 Most Interesting Analyst Questions From PNC Financial Services Group’s Q3 Earnings Call
• Negative Sentiment: Citigroup cut its target from $290 to $270; Evercore reduced its target from $265 to $260; Stephens lowered its target from $265 to $250; Morgan Stanley trimmed its target from $278 to $273; and Truist reduced its target from $252 to $248. The broad pattern suggests analysts are moderating expectations even while retaining favorable or neutral ratings.
• Negative Sentiment: An article examining PNC as a dividend opportunity highlights a potential drawback, which may temper income-investor enthusiasm and reinforce concerns about the stock’s near-term valuation or dividend outlook. PNC Financial Looks Like a Dividend Deal, but There’s a Catch

The PNC Financial Services Group Trading Up 2.3%

PNC stock opened at $221.10 on Wednesday. The PNC Financial Services Group, Inc has a 12 month low of $177.08 and a 12 month high of $258.96. The firm’s 50-day moving average is $233.97 and its 200 day moving average is $233.43. The company has a market capitalization of $88.21 billion, a PE ratio of 11.77, a P/E/G ratio of 1.12 and a beta of 0.94. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.91 by $0.18. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the company earned $4.35 EPS. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 42.58%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.