Allworth Financial LP Invests $7.28 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Allworth Financial established a new $7.28 million position in PNC during the second quarter by purchasing 29,556 shares. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• PNC exceeded quarterly expectations, reporting $4.85 in EPS and $6.88 billion in revenue, with revenue up 21.4% year over year. The company also raised its quarterly dividend to $2.00 per share, resulting in a 3.3% annualized yield.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $265.73. Several firms recently raised their targets to between $273 and $288, although insiders sold more than $11.5 million in stock over the past three months.

Allworth Financial LP acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 29,556 shares of the financial services provider's stock, valued at approximately $7,277,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PNC. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $25,000. Quarry LP purchased a new position in The PNC Financial Services Group during the third quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in The PNC Financial Services Group during the second quarter valued at $28,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group during the fourth quarter valued at about $29,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group during the first quarter valued at about $31,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $242.26 on Friday. The business's 50-day simple moving average is $248.17 and its two-hundred day simple moving average is $229.25. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The stock has a market cap of $96.65 billion, a PE ratio of 13.33, a P/E/G ratio of 0.98 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the company posted $3.85 earnings per share. The business's quarterly revenue was up 21.4% compared to the same quarter last year. As a group, analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PNC shares. Robert W. Baird raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. UBS Group boosted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Royal Bank Of Canada increased their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Argus lifted their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $265.73.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. This trade represents a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last three months. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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