Envestnet Asset Management Inc. Purchases 22,325 Shares of The PNC Financial Services Group, Inc $PNC

Envestnet Asset Management Inc. increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,837,301 shares of the financial services provider’s stock after purchasing an additional 22,325 shares during the quarter. Envestnet Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $369,169,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. Brighton Jones LLC lifted its holdings in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC raised its stake in The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after purchasing an additional 170 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after purchasing an additional 1,449 shares during the period. Wealthcare Advisory Partners LLC grew its position in shares of The PNC Financial Services Group by 4.1% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 5,456 shares of the financial services provider’s stock worth $1,017,000 after purchasing an additional 217 shares in the last quarter. Finally, DAVENPORT & Co LLC increased its holdings in shares of The PNC Financial Services Group by 24.9% during the second quarter. DAVENPORT & Co LLC now owns 42,140 shares of the financial services provider’s stock worth $7,856,000 after purchasing an additional 8,399 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada increased their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Piper Sandler upgraded 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 report on Thursday, October 9th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Finally, Oppenheimer raised their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $231.00.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $237.25 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94. The stock has a market cap of $93.04 billion, a PE ratio of 14.30, a P/E/G ratio of 0.98 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $240.37. The business’s 50-day moving average price is $212.93 and its two-hundred day moving average price is $199.92.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company posted $3.77 EPS. As a group, analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be issued a dividend of $1.70 per share. The ex-dividend date is Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s dividend payout ratio is 40.99%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.