The PNC Financial Services Group, Inc $PNC Shares Acquired by Sagespring Wealth Partners LLC

Key Points

• Sagespring Wealth Partners LLC increased its stake in The PNC Financial Services Group by 24.2%, owning 6,897 shares valued at $1,286,000 after purchasing an additional 1,342 shares in Q2.
• Several analysts have recently adjusted price targets for PNC, with targets ranging from $200.00 to $238.00. The stock currently has an average rating of "Moderate Buy" with a target price of $218.21.
• The PNC Financial Services Group announced a quarterly dividend of $1.70 per share, resulting in an annualized dividend of $6.80 and a dividend yield of 3.6%.

Sagespring Wealth Partners LLC increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 24.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,897 shares of the financial services provider's stock after buying an additional 1,342 shares during the quarter. Sagespring Wealth Partners LLC's holdings in The PNC Financial Services Group were worth $1,286,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after acquiring an additional 984 shares during the period. GAMMA Investing LLC grew its position in The PNC Financial Services Group by 10.3% in the 1st quarter. GAMMA Investing LLC now owns 6,537 shares of the financial services provider's stock worth $1,149,000 after purchasing an additional 608 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in The PNC Financial Services Group in the 1st quarter worth about $35,000. Dynamic Advisor Solutions LLC increased its stake in shares of The PNC Financial Services Group by 7.2% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,494 shares of the financial services provider's stock valued at $790,000 after purchasing an additional 301 shares during the period. Finally, Exchange Traded Concepts LLC raised its holdings in shares of The PNC Financial Services Group by 221.2% during the first quarter. Exchange Traded Concepts LLC now owns 1,333 shares of the financial services provider's stock valued at $234,000 after buying an additional 918 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PNC. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and raised their target price for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. Oppenheimer lowered their price target on The PNC Financial Services Group from $238.00 to $235.00 and set an "outperform" rating on the stock in a report on Tuesday, September 23rd. Stephens reaffirmed an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an "underweight" rating in a research report on Monday, September 29th. Finally, Truist Financial lifted their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a "hold" rating in a research report on Wednesday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $218.21.

The PNC Financial Services Group Stock Performance

PNC opened at $189.71 on Wednesday. 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 cap of $74.71 billion, a PE ratio of 12.98, a P/E/G ratio of 1.30 and a beta of 1.10. The business has a fifty day simple moving average of $198.61 and a 200-day simple moving average of $183.77. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results 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 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 PNC Financial Services Group's revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.39 earnings per share. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group's dividend payout ratio (DPR) 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.

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