Brookstone Capital Management cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 13.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,885 shares of the financial services provider’s stock after selling 597 shares during the quarter. Brookstone Capital Management’s holdings in The PNC Financial Services Group were worth $488,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Argent Trust Co lifted its position in The PNC Financial Services Group by 28.6% during the 1st quarter. Argent Trust Co now owns 8,334 shares of the financial services provider’s stock worth $1,059,000 after buying an additional 1,853 shares in the last quarter. Marcum Wealth LLC increased its stake in shares of The PNC Financial Services Group by 19.3% during the 1st quarter. Marcum Wealth LLC now owns 4,403 shares of the financial services provider’s stock worth $560,000 after purchasing an additional 711 shares during the last quarter. Ruffer LLP acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $29,855,000. Arete Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $359,411,000,000. Finally, Border to Coast Pensions Partnership Ltd increased its stake in shares of The PNC Financial Services Group by 20.2% during the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 106,703 shares of the financial services provider’s stock worth $13,562,000 after purchasing an additional 17,938 shares during the last quarter. 80.14% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on PNC. HSBC began coverage on shares of The PNC Financial Services Group in a research note on Thursday, September 7th. They set a “reduce” rating and a $110.00 price objective on the stock. Wells Fargo & Company lowered their price objective on shares of The PNC Financial Services Group from $186.00 to $176.00 in a research note on Wednesday, July 19th. Piper Sandler boosted their price objective on shares of The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a research note on Friday, September 15th. 888 restated a “reiterates” rating on shares of The PNC Financial Services Group in a research note on Monday, June 26th. 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $157.20.
The PNC Financial Services Group Stock Performance
Shares of NYSE:PNC opened at $120.79 on Friday. The company’s 50 day moving average price is $126.09 and its two-hundred day moving average price is $125.09. The PNC Financial Services Group, Inc. has a 12-month low of $110.31 and a 12-month high of $170.27. The firm has a market cap of $48.11 billion, a PE ratio of 8.28, a PEG ratio of 1.13 and a beta of 1.15. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.33.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.05. The PNC Financial Services Group had a net margin of 21.97% and a return on equity of 13.27%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter in the prior year, the firm posted $3.42 EPS. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 13.51 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date of this dividend was Friday, July 14th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s dividend payout ratio is 42.49%.
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 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.
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