AlTi Global Inc. Buys 2,237 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• AlTi Global Inc. increased its stake in The PNC Financial Services Group by 51.9%, owning a total of 6,549 shares valued at $1,266,000 after purchasing an additional 2,237 shares in the second quarter.
• Recent analyst upgrades for The PNC Financial Services Group include ratings raised to "overweight" by Piper Sandler and to "market perform" by Keefe, Bruyette & Woods, with price targets now ranging from $211.00 to $220.00.
• The company recently reported $4.35 earnings per share, surpassing analysts' estimates and showing an 8.9% revenue increase year-over-year.

AlTi Global Inc. increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 51.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,549 shares of the financial services provider's stock after purchasing an additional 2,237 shares during the quarter. AlTi Global Inc.'s holdings in The PNC Financial Services Group were worth $1,266,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock worth $6,673,217,000 after purchasing an additional 248,252 shares during the period. Massachusetts Financial Services Co. MA increased its stake in The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Ameriprise Financial Inc. increased its stake in The PNC Financial Services Group by 0.5% in the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider's stock worth $844,967,000 after buying an additional 24,588 shares in the last quarter. Bank of New York Mellon Corp increased its stake in The PNC Financial Services Group by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock worth $713,063,000 after buying an additional 186,249 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in The PNC Financial Services Group by 41.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock worth $495,336,000 after buying an additional 830,440 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Piper Sandler upgraded The PNC Financial Services Group from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their price target for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Morgan Stanley increased their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an "underweight" rating in a research note on Monday, September 29th. Stephens reiterated an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $218.47.

The PNC Financial Services Group Trading Up 2.4%

Shares of The PNC Financial Services Group stock opened at $186.38 on Friday. The firm has a market cap of $73.40 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 1.27 and a beta of 1.10. The business has a 50-day moving average price of $197.18 and a 200-day moving average price of $184.64. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $4.05 by $0.30. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business's quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.49 earnings per share. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.6%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 43.93%.

The PNC Financial Services Group Company 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 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.

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