The PNC Financial Services Group, Inc $PNC Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. has increased its stake in The PNC Financial Services Group by 53.2%, now holding 1,243,039 shares valued at approximately $231.7 million.
• The PNC Financial Services Group reported $3.85 EPS in its latest earnings, exceeding estimates, and plans to post a forecast of 15.37 EPS for the current fiscal year.
• The company's quarterly dividend was raised to $1.70, resulting in an annual yield of 3.3% and a payout ratio of 46.51%.

Assenagon Asset Management S.A. increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 53.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,243,039 shares of the financial services provider's stock after purchasing an additional 431,667 shares during the quarter. Assenagon Asset Management S.A. owned 0.31% of The PNC Financial Services Group worth $231,727,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in The PNC Financial Services Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock valued at $6,673,217,000 after acquiring an additional 248,252 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of The PNC Financial Services Group by 26.1% during 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 purchasing an additional 1,964,157 shares during the period. Ameriprise Financial Inc. lifted its holdings in The PNC Financial Services Group by 0.5% during the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider's stock valued at $844,967,000 after buying an additional 24,588 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in The PNC Financial Services Group by 4.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock valued at $713,063,000 after buying an additional 186,249 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of 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 valued at $495,336,000 after purchasing an additional 830,440 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley boosted their price objective 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. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price objective for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Stephens reaffirmed an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. 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 report on Wednesday, July 30th. Finally, Bank of America upped their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $214.67.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC traded up $2.62 during midday trading on Tuesday, hitting $205.74. The company's stock had a trading volume of 237,783 shares, compared to its average volume of 2,226,604. The business's 50 day simple moving average is $197.66 and its 200 day simple moving average is $181.27. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $81.02 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 1.52 and a beta of 1.11. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same period last year, the firm posted $3.39 earnings per share. The company's revenue for the quarter was up 4.6% on a year-over-year basis. 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 EPS for the current year.

The PNC Financial Services Group Increases Dividend

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

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.