The PNC Financial Services Group, Inc $PNC Shares Newly Purchased by Ramsay Stattman Vela & Price Inc.

Key Points

• Ramsay Stattman Vela & Price Inc. acquired 10,000 PNC shares during the third quarter, worth approximately $2.22 million. Institutional investors collectively own 83.53% of the company.
• PNC reported third-quarter earnings of $5.09 per share, beating estimates of $4.91, while revenue rose 10.9% year over year to $6.60 billion.
• The company declared a quarterly dividend of $2.00, equivalent to $8.00 annually and a 3.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $266.13.

Ramsay Stattman Vela & Price Inc. acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 10,000 shares of the financial services provider's stock, valued at approximately $2,223,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Highland Investment Advisors LLC bought a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $28,000. Financial Life Planners purchased a new position in The PNC Financial Services Group in the 1st quarter worth approximately $31,000. Wilkerson Advisory Group LLC increased its stake in The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock worth $31,000 after purchasing an additional 71 shares during the period. Finally, NBT Bank N A NY lifted its position in The PNC Financial Services Group by 96.3% in the first quarter. NBT Bank N A NY now owns 157 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 77 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

PNC stock opened at $216.15 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $86.23 billion, a P/E ratio of 11.36, a PEG ratio of 1.14 and a beta of 0.94. The firm has a 50-day moving average of $234.63 and a 200 day moving average of $233.34. The PNC Financial Services Group, Inc has a 1 year low of $177.08 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, beating analysts' consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion for the quarter, compared to analysts' expectations of $6.61 billion. During the same quarter in the previous year, the business posted $4.35 EPS. The company's quarterly revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be paid a $2.00 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.7%. The PNC Financial Services Group's payout ratio is presently 42.58%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Tuesday, October 13th. Jefferies Financial Group cut their target price on shares of The PNC Financial Services Group from $305.00 to $280.00 and set a "buy" rating on the stock in a report on Thursday, September 24th. Bank of America decreased their target price on shares of The PNC Financial Services Group from $291.00 to $276.00 in a research note on Thursday, October 8th. Royal Bank Of Canada lowered their price target on shares of The PNC Financial Services Group from $273.00 to $250.00 and set an "outperform" rating for the company in a report on Friday. Finally, Oppenheimer upped their price target on shares of The PNC Financial Services Group from $263.00 to $269.00 and gave the company an "outperform" rating in a report on Friday. Seventeen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $266.13.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.38% of the stock is currently owned by insiders.

Trending Headlines about The PNC Financial Services Group

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC reported a strong third quarter, with earnings of $5.09 per share exceeding the $4.91 consensus estimate and revenue of $6.60 billion rising 10.9% year over year. The company generated approximately $2.1 billion in profit, supporting the case for continued earnings and dividend capacity. PNC posts $2.1 billion profit as revenue tops prior year
• Positive Sentiment: Despite target reductions, Citigroup retained a “buy” rating with a $270 target, while Evercore and Stephens kept “outperform” and “overweight” ratings, respectively. These targets remain materially above the current share price, indicating analysts still see potential upside. Analyst price target revisions
• Neutral Sentiment: Analysts focused on key issues during PNC’s third-quarter earnings call, including the outlook for revenue, expenses, credit quality and capital returns. Their questions highlight the factors investors will monitor to determine whether recent growth can continue. The 5 Most Interesting Analyst Questions From PNC Financial Services Group’s Q3 Earnings Call
• Negative Sentiment: Citigroup cut its target from $290 to $270, Evercore from $265 to $260, Stephens from $265 to $250, Morgan Stanley from $278 to $273, and Truist from $252 to $248. Morgan Stanley kept an “equal weight” rating and Truist maintained “hold.” The coordinated downward revisions can weigh on sentiment even though the targets still imply upside.
• Negative Sentiment: Commentary presents PNC as a potentially attractive dividend stock but warns that investors should consider the associated risk or limitation before treating the yield as a bargain. This tempers the otherwise positive income-investment thesis. PNC Financial Looks Like a Dividend Deal, but There’s a Catch

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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