Clearstead Advisors LLC Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Posted by Defense World Staff on Mar 15th, 2023

Clearstead Advisors LLC increased its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 11.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,595 shares of the financial services provider’s stock after buying an additional 382 shares during the period. Clearstead Advisors LLC’s holdings in The PNC Financial Services Group were worth $537,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PNC. Vanguard Group Inc. raised its position in The PNC Financial Services Group by 0.5% during the third quarter. Vanguard Group Inc. now owns 37,505,547 shares of the financial services provider’s stock valued at $5,604,078,000 after purchasing an additional 198,950 shares during the period. State Street Corp raised its position in The PNC Financial Services Group by 3.3% during the third quarter. State Street Corp now owns 18,436,065 shares of the financial services provider’s stock valued at $2,754,717,000 after purchasing an additional 595,811 shares during the period. Price T Rowe Associates Inc. MD raised its position in The PNC Financial Services Group by 21.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock valued at $2,116,282,000 after purchasing an additional 2,373,814 shares during the period. Northern Trust Corp raised its position in The PNC Financial Services Group by 2.3% during the second quarter. Northern Trust Corp now owns 4,951,908 shares of the financial services provider’s stock valued at $781,263,000 after purchasing an additional 110,218 shares during the period. Finally, Bank of New York Mellon Corp raised its position in The PNC Financial Services Group by 4.5% during the third quarter. Bank of New York Mellon Corp now owns 3,608,052 shares of the financial services provider’s stock valued at $539,114,000 after purchasing an additional 155,964 shares during the period. 82.05% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.4 %

PNC opened at $130.53 on Wednesday. The stock’s fifty day moving average is $157.37 and its two-hundred day moving average is $157.59. The company has a market capitalization of $52.17 billion, a P/E ratio of 9.41, a PEG ratio of 2.02 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 52 week low of $124.21 and a 52 week high of $199.43. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.28.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its earnings results on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.95 by ($0.46). The company had revenue of $5.76 billion for the quarter, compared to the consensus estimate of $5.71 billion. The PNC Financial Services Group had a net margin of 25.73% and a return on equity of 12.88%. The firm’s revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business posted $2.86 EPS. Analysts forecast that The PNC Financial Services Group, Inc. will post 14.66 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, February 5th. Shareholders of record on Tuesday, January 17th were given a dividend of $1.50 per share. The ex-dividend date was Friday, January 13th. This represents a $6.00 annualized dividend and a yield of 4.60%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.26%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PNC. Morgan Stanley decreased their price objective on The PNC Financial Services Group from $178.00 to $163.00 and set an “underweight” rating on the stock in a research report on Thursday, January 19th. StockNews.com downgraded The PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday. Barclays reduced their price target on The PNC Financial Services Group from $222.00 to $218.00 and set an “overweight” rating on the stock in a report on Tuesday, January 3rd. Bank of America downgraded The PNC Financial Services Group from a “neutral” rating to an “underperform” rating and increased their price target for the stock from $157.00 to $160.00 in a report on Thursday, January 5th. Finally, UBS Group downgraded The PNC Financial Services Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $190.00 to $176.00 in a report on Tuesday, January 10th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $180.36.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak bought 6,550 shares of the company’s stock in a transaction on Friday, January 20th. The shares were acquired at an average price of $153.38 per share, with a total value of $1,004,639.00. Following the transaction, the chief executive officer now owns 482,924 shares of the company’s stock, valued at $74,070,883.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak acquired 6,550 shares of the stock in a transaction dated Friday, January 20th. The stock was purchased at an average price of $153.38 per share, with a total value of $1,004,639.00. Following the transaction, the chief executive officer now directly owns 482,924 shares of the company’s stock, valued at $74,070,883.12. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak acquired 1,000 shares of the stock in a transaction dated Monday, March 13th. The stock was acquired at an average cost of $129.70 per share, with a total value of $129,700.00. Following the transaction, the chief executive officer now directly owns 525,349 shares in the company, valued at $68,137,765.30. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

About The PNC Financial Services Group

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.