The PNC Financial Services Group, Inc $PNC Position Boosted by Harbour Investments Inc.

Key Points

• Harbour Investments Inc. increased its stake in The PNC Financial Services Group, Inc. by 115.1% during the second quarter, holding shares worth approximately $1,050,000 as of the latest filing.
• Analysts have raised their target prices for PNC stock, with Wells Fargo increasing it from $230.00 to $240.00 and several others also issuing "buy" ratings, reflecting strong confidence in the company's performance.
• The PNC Financial Services Group reported a better-than-expected $4.35 earnings per share for the quarter, exceeding analyst estimates and indicating an 8.9% revenue growth year-over-year.

Harbour Investments Inc. lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 115.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,631 shares of the financial services provider's stock after purchasing an additional 3,013 shares during the period. Harbour Investments Inc.'s holdings in The PNC Financial Services Group were worth $1,050,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PNC. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $27,000. Concord Wealth Partners lifted its position in shares of The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares during the last quarter. WPG Advisers LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $36,000. Finally, Fourth Dimension Wealth LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $41,000. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PNC shares. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and raised their target price for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an "underweight" rating in a report on Monday, September 29th. Evercore ISI raised their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an "outperform" rating in a report on Tuesday, September 30th. Wells Fargo & Company raised 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 report on Friday, October 3rd. Finally, UBS Group raised their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $218.47.

The PNC Financial Services Group Stock Performance

PNC opened at $179.30 on Friday. The business's 50 day moving average is $198.10 and its 200-day moving average is $183.85. The stock has a market cap of $70.61 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.24 and a beta of 1.10. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $4.05 by $0.30. The company had revenue of $5.92 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.49 earnings per share. On average, analysts predict 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, October 14th. The PNC Financial Services Group's 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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