Jackson Thornton Wealth Management LLC Invests $449,000 in The PNC Financial Services Group, Inc $PNC

Key Points

• Jackson Thornton Wealth Management LLC has invested approximately $449,000 in The PNC Financial Services Group, acquiring 2,268 shares during the 2nd quarter.
• Several institutional investors, including Vanguard Group and Goldman Sachs Group, have increased their stakes in PNC, with institutional ownership now at 83.53%.
• The PNC Financial Services Group reported a quarterly EPS of $4.35, exceeding estimates, with a net margin of 19.30% and a significant year-over-year revenue increase of 8.9%.

Jackson Thornton Wealth Management LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,268 shares of the financial services provider's stock, valued at approximately $449,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of The PNC Financial Services Group by 0.7% in the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock worth $6,673,217,000 after buying an additional 248,252 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of The PNC Financial Services Group by 0.5% in the first quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider's stock worth $844,967,000 after buying an additional 24,588 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of The PNC Financial Services Group by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock worth $713,063,000 after buying an additional 186,249 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock worth $495,336,000 after buying an additional 830,440 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the topic of several analyst reports. Wells Fargo & Company upped their target price on shares of 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. Raymond James Financial increased their price objective on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an "outperform" rating in a research report on Friday, September 19th. Morgan Stanley increased their price objective on shares of 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. Oppenheimer reissued an "outperform" rating and set a $240.00 price objective (up previously from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Finally, Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an "outperform" rating in a research report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $218.47.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $182.26 on Tuesday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $71.78 billion, a P/E ratio of 11.77, a PEG ratio of 1.25 and a beta of 1.10. The firm has a fifty day simple moving average of $197.97 and a two-hundred day simple moving average of $184.22. 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 (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $5.92 billion during the quarter, compared to analysts' expectations of $5.82 billion. During the same period last year, the company posted $3.49 EPS. The business's revenue was up 8.9% on a year-over-year basis. On average, 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 Dividend Announcement

The company 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 $1.70 dividend. 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 dividend payout ratio (DPR) is 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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