Glass Jacobson Investment Advisors llc Reduces Holdings in The PNC Financial Services Group, Inc $PNC

Glass Jacobson Investment Advisors llc reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 21.6% during the second quarter, Holdings Channel.com reports. The firm owned 402 shares of the financial services provider’s stock after selling 111 shares during the period. Glass Jacobson Investment Advisors llc’s holdings in The PNC Financial Services Group were worth $75,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Sage Mountain Advisors LLC raised its holdings in The PNC Financial Services Group by 16.8% during the 2nd quarter. Sage Mountain Advisors LLC now owns 2,028 shares of the financial services provider’s stock valued at $378,000 after buying an additional 292 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of The PNC Financial Services Group by 3.0% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 990,217 shares of the financial services provider’s stock valued at $184,596,000 after acquiring an additional 29,060 shares during the period. West Michigan Advisors LLC raised its stake in shares of The PNC Financial Services Group by 4.3% during the second quarter. West Michigan Advisors LLC now owns 3,012 shares of the financial services provider’s stock valued at $561,000 after acquiring an additional 124 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth about $84,000. Finally, Asset Management One Co. Ltd. grew its stake in shares of The PNC Financial Services Group by 0.9% in the second quarter. Asset Management One Co. Ltd. now owns 169,844 shares of the financial services provider’s stock worth $31,662,000 after purchasing an additional 1,488 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PNC. Evercore ISI upped their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, September 24th. UBS Group boosted their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. One equities research 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $186.38 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The stock has a market cap of $73.40 billion, a P/E ratio of 12.04, a P/E/G ratio of 1.30 and a beta of 1.10. The business’s 50 day moving average price is $197.18 and its 200-day moving average price is $184.89. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The PNC Financial Services Group’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the business earned $3.49 EPS. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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 given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

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.