Calamos Wealth Management LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,075 shares of the financial services provider’s stock, valued at approximately $200,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider’s stock valued at $6,673,217,000 after buying an additional 248,252 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after buying an additional 1,964,157 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of The PNC Financial Services Group by 0.5% during the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock valued at $844,967,000 after buying an additional 24,588 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of The PNC Financial Services Group by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider’s stock valued at $713,063,000 after buying an additional 186,249 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of The PNC Financial Services Group by 41.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after buying an additional 830,440 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Trading Up 0.5%
PNC stock opened at $179.30 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The stock has a market cap of $70.61 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 1.25 and a beta of 1.10. The business’s 50-day moving average is $198.10 and its 200 day moving average is $184.01.
The PNC Financial Services Group Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 43.93%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on PNC shares. Stephens reiterated an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Raymond James Financial lifted their price objective on The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Citigroup raised their target price on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wolfe Research restated a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average target price of $218.47.
View Our Latest Stock Report on The PNC Financial Services Group
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.
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