The PNC Financial Services Group, Inc $PNC Shares Acquired by Atlantic Edge Private Wealth Management LLC

Atlantic Edge Private Wealth Management LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 31.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 850 shares of the financial services provider’s stock after acquiring an additional 205 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $158,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ignite Planners LLC raised its position in shares of The PNC Financial Services Group by 8.4% during the 1st quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 126 shares in the last quarter. Exane Asset Management increased its position in The PNC Financial Services Group by 32.9% in the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider’s stock worth $28,434,000 after buying an additional 37,110 shares during the period. Smith Salley Wealth Management increased its position in The PNC Financial Services Group by 15.6% in the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider’s stock worth $12,804,000 after buying an additional 9,836 shares during the period. United Community Bank increased its position in The PNC Financial Services Group by 687.0% in the first quarter. United Community Bank now owns 12,325 shares of the financial services provider’s stock worth $2,166,000 after buying an additional 10,759 shares during the period. Finally, Truist Financial Corp increased its position in The PNC Financial Services Group by 2.1% in the first quarter. Truist Financial Corp now owns 1,156,136 shares of the financial services provider’s stock worth $203,214,000 after buying an additional 23,502 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on PNC shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Truist Financial increased their target price on The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, September 24th. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Piper Sandler raised The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Finally, 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 research report on Monday, September 29th. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $218.47.

The PNC Financial Services Group Stock Performance

PNC stock opened at $182.26 on Tuesday. The company has a market capitalization of $71.78 billion, a P/E ratio of 11.77, a PEG ratio of 1.25 and a beta of 1.10. The company has a 50-day simple moving average of $197.97 and a 200 day simple moving average of $184.22. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.49 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

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.