Arete Wealth Advisors LLC Makes New $359,000 Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Posted by Defense World Staff on Sep 18th, 2023

Arete Wealth Advisors LLC purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,828 shares of the financial services provider’s stock, valued at approximately $359,000.

Several other institutional investors also recently made changes to their positions in PNC. Centerpoint Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at $26,000. Chilton Capital Management LLC acquired a new position in The PNC Financial Services Group during the first quarter worth $33,000. AXS Investments LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $36,000. Ruedi Wealth Management Inc. acquired a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $37,000. Finally, Venturi Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the 1st quarter worth $38,000. 80.14% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Down 0.5 %

PNC stock opened at $126.35 on Monday. The PNC Financial Services Group, Inc. has a one year low of $110.31 and a one year high of $170.27. The company has a 50 day moving average price of $126.37 and a two-hundred day moving average price of $125.50. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $50.32 billion, a P/E ratio of 8.66, a PEG ratio of 1.16 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.05. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.45 billion. During the same quarter in the previous year, the business earned $3.42 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 13.5 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were paid a $1.55 dividend. The ex-dividend date was Friday, July 14th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.91%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s dividend payout ratio (DPR) is 42.49%.

Wall Street Analyst Weigh In

PNC has been the subject of several research reports. Credit Suisse Group reduced their target price on The PNC Financial Services Group from $145.00 to $135.00 in a research report on Wednesday, July 19th. 888 reaffirmed a “reiterates” rating on shares of The PNC Financial Services Group in a research note on Monday, June 26th. StockNews.com started coverage on shares of The PNC Financial Services Group in a research note on Thursday, August 17th. They issued a “sell” rating for the company. HSBC initiated coverage on The PNC Financial Services Group in a report on Thursday, September 7th. They set a “reduce” rating and a $110.00 price target for the company. Finally, Citigroup decreased their price target on shares of The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $157.20.

Read Our Latest Research Report on The PNC Financial Services Group

The PNC Financial Services Group Company Profile

(Free Report)

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 certificates of 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.