Northside Capital Management LLC Makes New $5.22 Million Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Northside Capital Management LLC made a new investment of approximately $5.22 million in The PNC Financial Services Group, acquiring 27,974 shares in the second quarter of 2023.
• The PNC Financial Services Group announced an increase in its quarterly dividend from $1.60 to $1.70 per share, resulting in an annualized dividend yield of 3.3%.
• Analysts have varied price target revisions for PNC, with expectations ranging from $198 to $225, while the stock currently holds an average rating of "Moderate Buy."

Northside Capital Management LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 27,974 shares of the financial services provider's stock, valued at approximately $5,215,000.

A number of other hedge funds have also bought and sold shares of PNC. Massachusetts Financial Services Co. MA raised its position in The PNC Financial Services Group by 26.1% in the 1st 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 during the last quarter. Nuveen LLC purchased a new position in The PNC Financial Services Group in the 1st quarter worth about $306,905,000. GAMMA Investing LLC raised its position in The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares during the last quarter. Amundi raised its position in The PNC Financial Services Group by 76.1% in the 1st quarter. Amundi now owns 2,186,073 shares of the financial services provider's stock worth $352,592,000 after buying an additional 944,731 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in The PNC Financial Services Group by 187.3% in the 1st quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider's stock worth $245,055,000 after buying an additional 926,709 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Truist Financial upped their price target on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the company a "hold" rating in a research report on Wednesday, July 9th. Raymond James Financial upped their price target 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. Piper Sandler upped their price target on shares of The PNC Financial Services Group from $200.00 to $211.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. Stephens reaffirmed an "equal weight" rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $214.50.

The PNC Financial Services Group Trading Up 0.4%

Shares of NYSE:PNC opened at $203.95 on Wednesday. The stock has a 50 day moving average of $197.90 and a 200 day moving average of $181.43. The company has a market cap of $80.32 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month 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 (EPS) for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The company 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 return on equity of 11.07% and a net margin of 18.33%.The firm's revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $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 research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

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

The PNC Financial Services Group Company 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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.