Cetera Investment Advisers Increases Position in The PNC Financial Services Group, Inc $PNC

Cetera Investment Advisers boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 8.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 159,123 shares of the financial services provider’s stock after purchasing an additional 11,785 shares during the period. Cetera Investment Advisers’ holdings in The PNC Financial Services Group were worth $29,664,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Saudi Central Bank acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $27,000. IMG Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $27,000. Concord Wealth Partners increased its stake in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after buying an additional 100 shares during the last quarter. WPG Advisers LLC acquired a new stake in The PNC Financial Services Group in the first quarter valued at $36,000. Finally, FNY Investment Advisers LLC bought a new position in The PNC Financial Services Group during the 2nd quarter valued at $37,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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 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 sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 2,151 shares of company stock worth $400,092. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Down 2.8%

Shares of The PNC Financial Services Group stock opened at $178.91 on Tuesday. The stock has a market capitalization of $70.16 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 1.26 and a beta of 1.12. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. 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 business’s 50 day simple moving average is $191.20 and its 200-day simple moving average is $188.35.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the prior year, the business earned $3.49 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research analysts forecast 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PNC shares. Citigroup upped their target price on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Evercore ISI boosted their price objective on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Morgan Stanley increased their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. UBS Group lifted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, Truist Financial upped their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $218.47.

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.