Meritage Portfolio Management Purchases Shares of 26,751 The PNC Financial Services Group, Inc $PNC

Key Points

• Meritage Portfolio Management acquired 26,751 shares of The PNC Financial Services Group, Inc, valued at approximately $4.99 million, during the second quarter.
• The company announced a quarterly dividend of $1.70 per share, with an annualized yield of 3.7%, scheduled for payment on November 5th.
• PNC has seen significant investment from institutional investors, with over 83% of the stock owned by them, reflecting strong confidence in the company's performance.

Meritage Portfolio Management purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 26,751 shares of the financial services provider's stock, valued at approximately $4,987,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. Massachusetts Financial Services Co. MA grew its position in The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock valued at $1,670,249,000 after acquiring an additional 1,964,157 shares during the last quarter. Nuveen LLC bought a new position in The PNC Financial Services Group during the first quarter valued at approximately $306,905,000. Amundi grew its position in The PNC Financial Services Group by 76.1% during the first quarter. Amundi now owns 2,186,073 shares of the financial services provider's stock valued at $352,592,000 after acquiring an additional 944,731 shares during the last quarter. AQR Capital Management LLC grew its position in The PNC Financial Services Group by 187.3% during the first quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider's stock valued at $245,055,000 after acquiring an additional 926,709 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in The PNC Financial Services Group by 41.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock valued at $495,336,000 after acquiring an additional 830,440 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $183.72 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $72.35 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.36 and a beta of 1.10. The stock has a fifty day moving average of $198.64 and a 200 day moving average of $183.56. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 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 EPS for the quarter, beating the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.39 earnings per share. The PNC Financial Services Group has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Morgan Stanley increased their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an "underweight" rating in a research note on Monday, September 29th. Citigroup increased their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Oppenheimer dropped their price objective on The PNC Financial Services Group from $238.00 to $235.00 and set an "outperform" rating for the company in a research note on Tuesday, September 23rd. Finally, Stephens reissued an "equal weight" rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average 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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