The PNC Financial Services Group, Inc $PNC Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 607.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 623,154 shares of the financial services provider’s stock after purchasing an additional 535,033 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in The PNC Financial Services Group were worth $116,168,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Avior Wealth Management LLC lifted its holdings in shares of The PNC Financial Services Group by 4.5% in the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 52 shares in the last quarter. Rockland Trust Co. raised its position in shares of The PNC Financial Services Group by 0.5% during the 2nd quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock worth $1,957,000 after purchasing an additional 53 shares during the last quarter. Almanack Investment Partners LLC. raised its position in shares of The PNC Financial Services Group by 2.3% during the 2nd 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. Winthrop Capital Management LLC lifted its stake in The PNC Financial Services Group by 2.1% in the 2nd quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock valued at $488,000 after buying an additional 55 shares in the last quarter. Finally, Rosenberg Matthew Hamilton grew its holdings in The PNC Financial Services Group by 15.0% during the 2nd quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider’s stock valued at $80,000 after buying an additional 56 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of analyst reports. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Evercore ISI boosted their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Citigroup upped their target price on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $211.00 to $220.00 in a research note on Thursday, October 9th. Finally, Oppenheimer cut their price objective on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $218.00.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $198.05 on Thursday. The business’s fifty day moving average price is $187.91 and its 200 day moving average price is $189.77. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $210.82. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $77.67 billion, a P/E ratio of 12.79, a PEG ratio of 1.08 and a beta of 1.01.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.49 earnings per share. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is 43.93%.

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.