The PNC Financial Services Group, Inc $PNC Shares Bought by Forum Financial Management LP

Forum Financial Management LP raised its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 6,418 shares of the financial services provider’s stock after purchasing an additional 123 shares during the period. Forum Financial Management LP’s holdings in The PNC Financial Services Group were worth $1,197,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PNC. Brighton Jones LLC boosted its holdings in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 984 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of The PNC Financial Services Group by 10.3% in the 1st quarter. GAMMA Investing LLC now owns 6,537 shares of the financial services provider’s stock valued at $1,149,000 after purchasing an additional 608 shares during the last quarter. Spire Wealth Management boosted its holdings in shares of The PNC Financial Services Group by 2.2% in the 1st quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider’s stock valued at $573,000 after purchasing an additional 69 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of The PNC Financial Services Group by 414.7% in the 1st quarter. Golden State Wealth Management LLC now owns 1,920 shares of the financial services provider’s stock valued at $337,000 after purchasing an additional 1,547 shares during the last quarter. Finally, Pinnacle Bancorp Inc. boosted its holdings in shares of The PNC Financial Services Group by 29.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 648 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 149 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of a number of research analyst reports. Bank of America lifted their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Oppenheimer reissued an “outperform” rating and issued a $240.00 target price (up previously from $235.00) on shares of The PNC Financial Services Group in a research note on Thursday, October 16th. UBS Group raised their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Stephens reissued an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Finally, Raymond James Financial raised their target price on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned 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.com, the company presently has an average rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $181.91 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a market capitalization of $71.64 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The firm’s fifty day moving average price is $197.28 and its 200 day moving average price is $184.38.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the firm posted $3.49 EPS. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared 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 payout ratio is 43.93%.

The PNC Financial Services Group 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.