Tower Wealth Partners Inc. Invests $256,000 in The PNC Financial Services Group, Inc $PNC

Key Points

• Tower Wealth Partners Inc. has acquired a new position in The PNC Financial Services Group by investing $256,000 and purchasing 1,374 shares during the second quarter.
• The company reported earnings of $4.35 EPS for the quarter, exceeding analysts' expectations, along with a revenue increase of 8.9% year-over-year.
• The PNC Financial Services Group declared a quarterly dividend of $1.70 per share, reflecting a 3.7% dividend yield, to be paid on November 5th.

Tower Wealth Partners Inc. acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,374 shares of the financial services provider's stock, valued at approximately $256,000.

Other institutional investors have also recently made changes to their positions in the company. Avior Wealth Management LLC boosted its stake in The PNC Financial Services Group by 4.5% during the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider's stock worth $226,000 after buying an additional 52 shares during the period. Rockland Trust Co. boosted its stake in The PNC Financial Services Group by 0.5% during the second quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider's stock worth $1,957,000 after buying an additional 53 shares during the period. Almanack Investment Partners LLC. lifted its position in shares of The PNC Financial Services Group by 2.3% during the second quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider's stock worth $454,000 after purchasing an additional 55 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in shares of The PNC Financial Services Group by 15.0% during the second quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider's stock worth $80,000 after purchasing an additional 56 shares during the last quarter. Finally, Kestra Investment Management LLC lifted its position in shares of The PNC Financial Services Group by 11.4% during the first quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider's stock worth $99,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Piper Sandler upgraded 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 report on Thursday, October 9th. Evercore ISI lifted their price objective on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, October 3rd. Finally, Oppenheimer decreased their price objective on The PNC Financial Services Group from $238.00 to $235.00 and set an "outperform" rating for the company in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $218.21.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $182.21 on Thursday. The company has a market capitalization of $71.76 billion, a PE ratio of 12.46, a P/E/G ratio of 1.32 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50-day simple moving average of $198.48 and a two-hundred day simple moving average of $183.76. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts' consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm's revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.49 earnings per share. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal 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 paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. The PNC Financial Services Group's payout ratio 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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