The PNC Financial Services Group, Inc $PNC Stock Position Raised by Aberdeen Group plc

Key Points

• Aberdeen Group increased its PNC stake by 142.7% in the third quarter, adding 474,145 shares to hold 806,300 shares worth about $179.2 million. Institutional investors own 83.53% of PNC stock.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $266.04; recent firms lowered their targets, while ratings remained generally positive.
• PNC beat quarterly EPS estimates, reporting $5.09 versus $4.91 expected, while revenue rose 10.9% year over year to $6.60 billion. It also paid a quarterly dividend of $2 per share, equivalent to an annualized yield of 3.4%.

Aberdeen Group plc raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 142.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 806,300 shares of the financial services provider's stock after purchasing an additional 474,145 shares during the quarter. Aberdeen Group plc owned approximately 0.20% of The PNC Financial Services Group worth $179,208,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Trust Asset Management LLC lifted its holdings in shares of The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 43 shares during the period. Everett Harris & Co. CA raised its position in shares of The PNC Financial Services Group by 3.3% during the third quarter. Everett Harris & Co. CA now owns 1,535 shares of the financial services provider's stock worth $341,000 after acquiring an additional 49 shares during the last quarter. United Community Bank lifted its stake in shares of The PNC Financial Services Group by 0.8% in the second quarter. United Community Bank now owns 6,523 shares of the financial services provider's stock worth $1,606,000 after acquiring an additional 50 shares during the period. Klingman & Associates LLC lifted its stake in shares of The PNC Financial Services Group by 4.9% in the first quarter. Klingman & Associates LLC now owns 1,085 shares of the financial services provider's stock worth $226,000 after acquiring an additional 51 shares during the period. Finally, Bangor Savings Bank boosted its holdings in The PNC Financial Services Group by 1.2% in the third quarter. Bangor Savings Bank now owns 4,436 shares of the financial services provider's stock valued at $986,000 after acquiring an additional 52 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PNC has been the subject of several analyst reports. Raymond James Financial lowered their price target on shares of The PNC Financial Services Group from $275.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, October 16th. Truist Financial decreased their price objective on shares of The PNC Financial Services Group from $252.00 to $248.00 and set a "hold" rating for the company in a research report on Monday, October 19th. The Goldman Sachs Group dropped their target price on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a "neutral" rating on the stock in a report on Monday, October 5th. Royal Bank Of Canada decreased their price target on The PNC Financial Services Group from $273.00 to $250.00 and set an "outperform" rating for the company in a report on Friday, October 16th. Finally, Stephens dropped their price objective on The PNC Financial Services Group from $265.00 to $250.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Seventeen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus price target of $266.04.

The PNC Financial Services Group Stock Up 0.5%

PNC stock opened at $232.26 on Friday. The company's 50 day moving average is $227.61 and its 200 day moving average is $229.43. The stock has a market cap of $92.15 billion, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.28. 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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same period in the previous year, the business posted $4.35 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 10.9% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.24 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 42.58%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC's businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.

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