The PNC Financial Services Group, Inc $PNC Shares Sold by Wilmington Savings Fund Society FSB

Key Points

• Wilmington Savings Fund Society FSB reduced its stake in The PNC Financial Services Group by 4.6% during the second quarter, now owning 28,730 shares worth approximately $5.36 million.
• Despite the reduction, several institutional investors increased their holdings in PNC, with notable increases from Brighton Jones LLC (32.2%) and Exchange Traded Concepts LLC (221.2%).
• The PNC Financial Services Group announced a quarterly dividend of $1.70, representing a 3.6% yield, with an ex-dividend date of October 14th.

Wilmington Savings Fund Society FSB reduced its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,730 shares of the financial services provider's stock after selling 1,374 shares during the quarter. Wilmington Savings Fund Society FSB's holdings in The PNC Financial Services Group were worth $5,356,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PNC. Brighton Jones LLC lifted its position in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after buying an additional 984 shares in the last quarter. GAMMA Investing LLC lifted its holdings in The PNC Financial Services Group by 10.3% during the first quarter. GAMMA Investing LLC now owns 6,537 shares of the financial services provider's stock valued at $1,149,000 after purchasing an additional 608 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at about $35,000. Dynamic Advisor Solutions LLC increased its stake in shares of The PNC Financial Services Group by 7.2% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,494 shares of the financial services provider's stock worth $790,000 after purchasing an additional 301 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of The PNC Financial Services Group by 221.2% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,333 shares of the financial services provider's stock worth $234,000 after purchasing an additional 918 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 1.5%

Shares of PNC opened at $189.71 on Wednesday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market capitalization of $74.71 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.30 and a beta of 1.10. The firm has a 50-day moving average price of $198.61 and a 200 day moving average price of $183.77. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.39 EPS. Sell-side analysts forecast 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 given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group's dividend payout ratio is presently 46.51%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PNC shares. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Morgan Stanley lifted their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an "underweight" rating in a research note on Monday, September 29th. Stephens reissued an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Piper Sandler raised shares of The PNC Financial Services Group from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Finally, Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their target price for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $218.21.

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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