Curbstone Financial Management Corp Takes $415,000 Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Curbstone Financial Management Corp has acquired a new stake in The PNC Financial Services Group, purchasing 2,228 shares valued at approximately $415,000.
• Multiple hedge funds have increased their positions in PNC, contributing to institutional investors now owning 83.53% of the company's stock.
• PNC recently reported earnings of $4.35 per share, exceeding analyst estimates, and declared a quarterly dividend of $1.70 to be paid on November 5th.

Curbstone Financial Management Corp bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,228 shares of the financial services provider's stock, valued at approximately $415,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group in the first quarter worth about $27,000. Concord Wealth Partners grew its holdings in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares during the last quarter. WPG Advisers LLC bought a new position in shares of The PNC Financial Services Group in the first quarter worth about $36,000. Finally, Fourth Dimension Wealth LLC bought a new position in shares of The PNC Financial Services Group in the first quarter worth about $41,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of research analyst reports. Bank of America upped their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Piper Sandler upgraded shares of The PNC Financial Services Group from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $211.00 to $220.00 in a report on Thursday, October 9th. UBS Group upped their price target on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Oppenheimer restated an "outperform" rating and issued a $240.00 price target (up from $235.00) on shares of The PNC Financial Services Group in a report on Thursday. Finally, Stephens reiterated an "equal weight" rating and set a $200.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. One 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $218.47.

The PNC Financial Services Group Stock Up 0.5%

Shares of The PNC Financial Services Group stock opened at $179.30 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.80. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The firm's 50-day moving average is $198.10 and its two-hundred day moving average is $183.85. The stock has a market cap of $70.61 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 1.24 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion for the quarter, compared to analysts' expectations of $5.82 billion. During the same period in the prior year, the business earned $3.49 EPS. The firm's quarterly revenue was up 8.9% on a year-over-year basis. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, October 14th. 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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