Asset Management One Co. Ltd. Acquires 1,488 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Asset Management One Co. Ltd. increased its stake in The PNC Financial Services Group by 0.9%, acquiring an additional 1,488 shares, bringing its total holdings to 169,844 shares valued at approximately $31.7 million.
• Research analysts have been optimistic about PNC, with ratings ranging from "moderate buy" to "buy," notably with Goldman Sachs raising the price target from $178 to $196, and UBS increasing their target from $224 to $229.
• The PNC Financial Services Group announced a quarterly dividend of $1.70, reflecting an annualized dividend of $6.80 and a dividend yield of 3.6%, payable on November 5th to stockholders of record.

Asset Management One Co. Ltd. increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 169,844 shares of the financial services provider's stock after acquiring an additional 1,488 shares during the period. Asset Management One Co. Ltd.'s holdings in The PNC Financial Services Group were worth $31,662,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNC. Saudi Central Bank bought a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $27,000. IMG Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $27,000. Concord Wealth Partners lifted its stake in shares of The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider's stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after acquiring an additional 65 shares during the last quarter. Finally, WPG Advisers LLC bought a new stake in The PNC Financial Services Group during the 1st quarter valued at $36,000. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on PNC shares. Cfra Research raised The PNC Financial Services Group to a "moderate buy" rating in a research report on Thursday, October 16th. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Weiss Ratings reissued a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. Finally, UBS Group boosted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $218.47.

The PNC Financial Services Group Stock Up 2.4%

The PNC Financial Services Group stock opened at $186.38 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The business's 50-day simple moving average is $197.18 and its two-hundred day simple moving average is $184.64. The company has a market cap of $73.40 billion, a PE ratio of 12.04, a PEG ratio of 1.27 and a beta of 1.10. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to the consensus estimate 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 company's quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.49 EPS. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, October 14th. The PNC Financial Services Group's payout ratio is 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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