Hoey Investments Inc. Purchases New Shares in The PNC Financial Services Group, Inc $PNC

Key Points

• Hoey Investments Inc. acquired 1,500 shares of The PNC Financial Services Group, valued at approximately $280,000, in the second quarter of 2023.
• Wall Street analysts have varied ratings, with a consensus price target of $213.94, indicating a mix of buy, hold, and one sell rating.
• The PNC Financial Services Group recently increased its quarterly dividend from $1.60 to $1.70 per share, yielding 3.3% annually.

Hoey Investments Inc. acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,500 shares of the financial services provider's stock, valued at approximately $280,000.

A number of other institutional investors have also recently bought and sold shares of the business. Rockland Trust Co. raised its position in shares of The PNC Financial Services Group by 0.5% in the second quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider's stock valued at $1,957,000 after buying an additional 53 shares in the last quarter. Kestra Investment Management LLC increased its stake in The PNC Financial Services Group by 11.4% during the 1st quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider's stock worth $99,000 after acquiring an additional 58 shares during the period. PKS Advisory Services LLC raised its holdings in The PNC Financial Services Group by 3.2% in the 1st quarter. PKS Advisory Services LLC now owns 1,910 shares of the financial services provider's stock valued at $332,000 after acquiring an additional 60 shares in the last quarter. Cornerstone Planning Group LLC raised its holdings in The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 65 shares in the last quarter. Finally, WealthPLAN Partners LLC lifted its position in shares of The PNC Financial Services Group by 0.5% during the 1st quarter. WealthPLAN Partners LLC now owns 12,629 shares of the financial services provider's stock valued at $2,220,000 after acquiring an additional 66 shares during the period. Institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of analyst reports. Raymond James Financial boosted their price target on The PNC Financial Services Group from $220.00 to $225.00 and gave the company an "outperform" rating in a research note on Friday. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Piper Sandler lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $211.00 and gave the company a "neutral" rating in a research note on Wednesday, September 10th. Finally, Stephens restated an "equal weight" rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus price target of $213.94.

The PNC Financial Services Group Stock Down 1.0%

Shares of NYSE PNC opened at $203.48 on Tuesday. The company's 50 day moving average price is $197.66 and its 200-day moving average price is $181.27. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a market capitalization of $80.13 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 1.52 and a beta of 1.11.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.39 earnings per share. The PNC Financial Services Group has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. Equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is currently 46.51%.

About The PNC Financial Services Group

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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