Cookson Peirce & Co. Inc. Has $504,000 Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Cookson Peirce & Co. Inc. reduced its stake in The PNC Financial Services Group by 60.5%, owning 2,701 shares worth $504,000 after selling 4,138 shares in the second quarter.
• Analysts have raised their price targets for PNC, with Wells Fargo increasing their objective from $230.00 to $240.00 and Citigroup raising theirs from $217.00 to $230.00, indicating a strong market outlook.
• The PNC Financial Services Group reported earnings of $4.35 per share for the recent quarter, exceeding estimates, with revenue up 8.9% year-over-year, highlighting strong financial performance.

Cookson Peirce & Co. Inc. decreased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 60.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,701 shares of the financial services provider's stock after selling 4,138 shares during the quarter. Cookson Peirce & Co. Inc.'s holdings in The PNC Financial Services Group were worth $504,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. FNY Investment Advisers LLC acquired a new position in The PNC Financial Services Group in the second quarter worth $37,000. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the second quarter worth $27,000. Jackson Thornton Wealth Management LLC acquired a new position in The PNC Financial Services Group in the second quarter worth $449,000. Whittier Trust Co. of Nevada Inc. boosted its stake in The PNC Financial Services Group by 3.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 100,372 shares of the financial services provider's stock worth $18,711,000 after purchasing an additional 3,215 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in The PNC Financial Services Group by 8.0% in the second quarter. Whittier Trust Co. now owns 220,683 shares of the financial services provider's stock worth $41,139,000 after purchasing an additional 16,365 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent analyst reports. Cfra Research raised The PNC Financial Services Group to a "moderate buy" rating in a research note on Thursday, October 16th. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Friday, October 3rd. The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Citigroup upped their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Finally, Evercore ISI upped their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $218.47.

The PNC Financial Services Group Trading Up 0.4%

Shares of PNC opened at $181.91 on Friday. 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 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market capitalization of $71.64 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. The stock's fifty day simple moving average is $197.28 and its 200-day simple moving average is $184.38.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) 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 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 firm's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.49 earnings per share. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share 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. Investors of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group's dividend payout ratio 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.