First Citizens Bank & Trust Co. Increases Position in The PNC Financial Services Group, Inc $PNC

Key Points

• First Citizens Bank & Trust Co. increased its holdings in The PNC Financial Services Group by 49.1% in the second quarter, bringing their total to 11,196 shares, valued at approximately $2.1 million.
• Analysts are optimistic about PNC's stock, with Citigroup raising its price target from $217 to $230 and a consensus rating of "Moderate Buy."
• The PNC Financial Services Group announced a quarterly dividend of $1.70 per share, equating to an annualized yield of 3.7%, payable on November 5th to shareholders of record as of October 14th.

First Citizens Bank & Trust Co. lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 49.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,196 shares of the financial services provider's stock after purchasing an additional 3,687 shares during the period. First Citizens Bank & Trust Co.'s holdings in The PNC Financial Services Group were worth $2,087,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PNC. Brighton Jones LLC increased its stake in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 984 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of The PNC Financial Services Group by 10.3% in the 1st quarter. GAMMA Investing LLC now owns 6,537 shares of the financial services provider's stock valued at $1,149,000 after purchasing an additional 608 shares in the last quarter. Spire Wealth Management increased its stake in shares of The PNC Financial Services Group by 2.2% in the 1st quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider's stock valued at $573,000 after purchasing an additional 69 shares in the last quarter. Golden State Wealth Management LLC increased its stake in shares of The PNC Financial Services Group by 414.7% in the 1st quarter. Golden State Wealth Management LLC now owns 1,920 shares of the financial services provider's stock valued at $337,000 after purchasing an additional 1,547 shares in the last quarter. Finally, Pinnacle Bancorp Inc. increased its stake in shares of The PNC Financial Services Group by 29.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 648 shares of the financial services provider's stock valued at $114,000 after purchasing an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent analyst reports. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Citigroup boosted their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Cfra Research upgraded The PNC Financial Services Group to a "moderate buy" rating in a research note on Thursday, October 16th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $218.47.

The PNC Financial Services Group Trading Up 0.4%

Shares of The PNC Financial Services Group stock opened at $181.91 on Friday. The stock has a market cap of $71.64 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.26 and a beta of 1.10. The stock's 50 day simple moving average is $197.28 and its 200-day simple moving average is $184.38. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81.

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 for the quarter, topping the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.49 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS 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 Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group's payout ratio is currently 43.93%.

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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