The PNC Financial Services Group, Inc $PNC is AlphaQuest LLC's 7th Largest Position

Key Points

• AlphaQuest LLC has reduced its stake in The PNC Financial Services Group by 23.0%, now holding 22,689 shares, which account for 0.4% of its portfolio.
• Several institutional investors, notably Massachusetts Financial Services Co. and AQR Capital Management, have significantly increased their stakes in PNC during the first quarter.
• The PNC Financial Services Group reported an EPS of $4.35 for the last quarter, beating estimates, and declared a quarterly dividend of $1.70 per share.

AlphaQuest LLC lessened its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 23.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,689 shares of the financial services provider's stock after selling 6,768 shares during the period. The PNC Financial Services Group makes up 0.4% of AlphaQuest LLC's portfolio, making the stock its 7th biggest position. AlphaQuest LLC's holdings in The PNC Financial Services Group were worth $4,230,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in 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 period. Nuveen LLC acquired a new position in shares of The PNC Financial Services Group during the first quarter worth about $306,905,000. Amundi lifted its stake in shares of 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 worth $352,592,000 after purchasing an additional 944,731 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of 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 worth $245,055,000 after purchasing an additional 926,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of 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 worth $495,336,000 after purchasing an additional 830,440 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

PNC has been the topic of a number of recent research reports. Oppenheimer restated 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 note on Thursday, October 16th. Raymond James Financial boosted their price target on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an "outperform" rating in a research note on Friday, September 19th. Piper Sandler upgraded The PNC Financial Services Group from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Citigroup boosted their price target on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Finally, Stephens reiterated an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $218.47.

The PNC Financial Services Group Stock Up 2.1%

NYSE:PNC opened at $185.08 on Friday. The firm has a market capitalization of $72.89 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 1.26 and a beta of 1.10. The stock has a 50 day moving average of $197.28 and a 200-day moving average of $184.38. 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 current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results 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 company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business's revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.49 earnings per share. Analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, October 14th. The PNC Financial Services Group's dividend payout ratio 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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