BIP Wealth LLC Acquires New Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• BIP Wealth LLC acquired 5,584 shares of PNC in the third quarter, valued at approximately $1.24 million. Institutional investors collectively own 83.53% of the company, including major positions held by BlackRock and State Street.
• PNC reported quarterly EPS of $5.09, exceeding analyst expectations of $4.91, while revenue reached $6.60 billion and rose 10.9% year over year.
• The company declared a quarterly dividend of $2.00 per share, equivalent to an annualized yield of about 3.6%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $266.13.

BIP Wealth LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,584 shares of the financial services provider's stock, valued at approximately $1,241,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $7,921,455,000. State Street Corp raised its stake in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider's stock valued at $4,538,929,000 after purchasing an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $2,102,631,000. Deutsche Bank AG purchased a new position in shares of The PNC Financial Services Group in the second quarter worth about $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider's stock valued at $888,309,000 after acquiring an additional 39,112 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Trading Down 0.5%

Shares of PNC stock opened at $224.49 on Friday. The business has a fifty day simple moving average of $232.07 and a 200-day simple moving average of $233.54. The stock has a market cap of $89.56 billion, a P/E ratio of 11.95, a P/E/G ratio of 1.16 and a beta of 0.94. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.23. The PNC Financial Services Group, Inc has a fifty-two week low of $177.08 and a fifty-two week high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.91 by $0.18. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The business's revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $4.35 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 42.58%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company's stock.

Analyst Ratings Changes

PNC has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of The PNC Financial Services Group from $269.50 to $258.00 and set an "overweight" rating on the stock in a research note on Friday, October 2nd. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Raymond James Financial reduced their price target on shares of The PNC Financial Services Group from $275.00 to $255.00 and set an "outperform" rating on the stock in a research report on Friday, October 16th. Argus lifted their target price on 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. Finally, Barclays upped their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $266.13.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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