The PNC Financial Services Group, Inc $PNC Shares Newly Acquired by Fifth Third Bancorp

Fifth Third Bancorp bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 3rd quarter, Holdings Channel reports. The fund bought 800,587 shares of the financial services provider’s stock, valued at approximately $177,938,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $7,921,455,000. State Street Corp increased its stake in shares of The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after acquiring an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $2,102,631,000. Deutsche Bank AG acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after acquiring an additional 39,112 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4%

Shares of The PNC Financial Services Group stock opened at $232.26 on Thursday. The PNC Financial Services Group, Inc has a 1 year low of $177.08 and a 1 year high of $258.96. The business has a 50-day moving average of $228.09 and a two-hundred day moving average of $229.34. The company has a market capitalization of $92.15 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 1.20 and a beta of 0.92. The company has a debt-to-equity ratio of 1.28, 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 for the quarter, beating the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter in the previous year, the business posted $4.35 EPS. The PNC Financial Services Group’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 19.24 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 42.58%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PNC shares. Evercore reduced their price objective on shares of The PNC Financial Services Group from $265.00 to $260.00 and set an “outperform” rating on the stock in a research note on Monday, October 19th. Truist Financial lowered their target price on shares of The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating for the company in a research note on Monday, October 19th. The Goldman Sachs Group cut their target price on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. JPMorgan Chase & Co. lifted their price target on shares of The PNC Financial Services Group from $258.00 to $259.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Finally, Bank of America reduced their price target on shares of The PNC Financial Services Group from $291.00 to $276.00 in a research report on Thursday, October 8th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $266.04.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.