Parcion Private Wealth LLC Invests $492,000 in The PNC Financial Services Group, Inc $PNC

Key Points

• Parcion Private Wealth LLC has invested $492,000 in The PNC Financial Services Group, acquiring 2,638 shares during the second quarter.
• The company recently reported an EPS of $4.35, exceeding estimates and reflecting an 8.9% revenue increase year-over-year.
• A quarterly dividend of $1.70 will be paid on November 5th, representing a 3.8% dividend yield.

Parcion Private Wealth LLC purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,638 shares of the financial services provider's stock, valued at approximately $492,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 0.7% in the 1st 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 during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of 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. Ameriprise Financial Inc. boosted its stake in shares of The PNC Financial Services Group by 0.5% in the 1st 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of The PNC Financial Services Group by 4.8% in the 1st 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 during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of The PNC Financial Services Group by 41.8% in the 1st 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 during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $181.05 on Thursday. The stock's 50-day simple moving average is $197.54 and its 200-day simple moving average is $184.18. 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 $71.30 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.27 and a beta of 1.10. 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 announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the previous year, the business earned $3.49 earnings per share. The business's revenue was up 8.9% on a year-over-year basis. As a group, 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group's payout ratio is presently 43.93%.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of research reports. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. The Goldman Sachs Group lifted their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Piper Sandler upgraded The PNC Financial Services Group from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $211.00 to $220.00 in a research report on Thursday, October 9th. Evercore ISI lifted their target price on 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. Finally, Oppenheimer reiterated an "outperform" rating and set a $240.00 target price (up from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $218.47.

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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