Eastern Bank Sells 43,777 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Eastern Bank reduced its stake in The PNC Financial Services Group by 15.9%, selling 43,777 shares and holding 231,439 shares worth $43,145,000 after the sale.
• The PNC Financial Services Group reported earnings per share of $3.85, surpassing estimates and showing a 4.6% revenue increase compared to the previous year.
• The company announced a quarterly dividend of $1.70 per share, translating to an annualized dividend of $6.80 with a yield of 3.7%.

Eastern Bank cut its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 231,439 shares of the financial services provider's stock after selling 43,777 shares during the quarter. Eastern Bank owned 0.06% of The PNC Financial Services Group worth $43,145,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $27,000. Cornerstone Planning Group LLC grew its holdings in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $35,000. WPG Advisers LLC acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $36,000. Finally, Fourth Dimension Wealth LLC acquired a new position in The PNC Financial Services Group during the first quarter valued at approximately $41,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $183.72 on Friday. The stock has a market capitalization of $72.35 billion, a PE ratio of 12.57, a P/E/G ratio of 1.40 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average price of $198.64 and a two-hundred day moving average price of $183.52. 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 announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%.The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.39 EPS. The PNC Financial Services Group has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, equities analysts predict 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Morgan Stanley increased their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an "underweight" rating in a research report on Monday, September 29th. Bank of America lifted their price target on 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. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their price target for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, Raymond James Financial lifted their price target on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an "outperform" rating in a report on Friday, September 19th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $218.21.

The PNC Financial Services Group 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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