Adage Capital Partners GP L.L.C. Lowers Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in The PNC Financial Services Group by 10.8%, owning approximately 261,368 shares after selling 31,809 shares in the first quarter.
• Several other institutional investors have increased their holdings in PNC, with United Community Bank raising its stake by 687.0%, while Ignite Planners LLC and Exane Asset Management also reported significant increases.
• The PNC Financial Services Group increased its quarterly dividend from $1.60 to $1.70 per share, reflecting an annualized dividend of $6.80 and a yield of 3.3%.

Adage Capital Partners GP L.L.C. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 10.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 261,368 shares of the financial services provider's stock after selling 31,809 shares during the period. Adage Capital Partners GP L.L.C. owned 0.07% of The PNC Financial Services Group worth $45,941,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Saudi Central Bank bought a new position in The PNC Financial Services Group in the 1st quarter valued at approximately $27,000. Cornerstone Planning Group LLC increased its holdings in shares of The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at $35,000. WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth about $36,000. Finally, REAP Financial Group LLC lifted its position in The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC traded down $0.69 during midday trading on Monday, reaching $203.71. The stock had a trading volume of 1,769,498 shares, compared to its average volume of 2,279,703. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $80.22 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.51 and a beta of 1.11. The firm's 50 day moving average price is $195.96 and its 200-day moving average price is $179.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) 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 firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate 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 firm's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.39 EPS. The PNC Financial Services Group has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. On average, analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Tuesday, July 15th. The PNC Financial Services Group's payout ratio is 46.51%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PNC. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their price target for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Oppenheimer raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price objective on the stock in a research note on Wednesday, July 30th. Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Finally, Citigroup boosted their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $214.17.

About The PNC Financial Services Group

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.