The PNC Financial Services Group, Inc $PNC Stake Lifted by Generali Asset Management SPA SGR

Generali Asset Management SPA SGR boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 46,245 shares of the financial services provider’s stock after purchasing an additional 789 shares during the period. Generali Asset Management SPA SGR’s holdings in The PNC Financial Services Group were worth $8,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Granite Group Advisors LLC boosted its holdings in shares of The PNC Financial Services Group by 8.4% during the second quarter. Granite Group Advisors LLC now owns 15,566 shares of the financial services provider’s stock valued at $2,902,000 after acquiring an additional 1,200 shares during the period. Ritholtz Wealth Management lifted its position in The PNC Financial Services Group by 21.0% in the 2nd quarter. Ritholtz Wealth Management now owns 27,322 shares of the financial services provider’s stock valued at $5,093,000 after purchasing an additional 4,735 shares during the last quarter. Harbour Investments Inc. boosted its stake in The PNC Financial Services Group by 115.1% during the 2nd quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock valued at $1,050,000 after purchasing an additional 3,013 shares during the period. JGP Wealth Management LLC grew its position in The PNC Financial Services Group by 1.2% in the 2nd quarter. JGP Wealth Management LLC now owns 95,043 shares of the financial services provider’s stock worth $17,718,000 after purchasing an additional 1,090 shares during the last quarter. Finally, Sagespring Wealth Partners LLC grew its position in The PNC Financial Services Group by 24.2% in the 2nd quarter. Sagespring Wealth Partners LLC now owns 6,897 shares of the financial services provider’s stock worth $1,286,000 after purchasing an additional 1,342 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 1.5%

Shares of PNC stock opened at $189.71 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average is $198.61 and its 200-day moving average is $183.77. The stock has a market cap of $74.71 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.30 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%.The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $3.39 earnings per share. Equities analysts expect 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.51%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Truist Financial lifted their price target on 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. Bank of America lifted their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. Finally, Citigroup lifted their price objective 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. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $218.21.

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.