The PNC Financial Services Group, Inc $PNC Shares Sold by Mission Wealth Management LP

Mission Wealth Management LP cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 60.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,663 shares of the financial services provider’s stock after selling 2,523 shares during the period. Mission Wealth Management LP’s holdings in The PNC Financial Services Group were worth $334,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its position in The PNC Financial Services Group by 12.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after acquiring an additional 6,572 shares during the period. First Horizon Corp purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $8,360,000. National Pension Service lifted its holdings in shares of The PNC Financial Services Group by 2.5% during the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after purchasing an additional 26,305 shares during the period. Benjamin Edwards Inc. grew its position in The PNC Financial Services Group by 27.2% in the 3rd quarter. Benjamin Edwards Inc. now owns 24,763 shares of the financial services provider’s stock valued at $4,977,000 after buying an additional 5,294 shares during the last quarter. Finally, Truist Financial Corp grew its position in The PNC Financial Services Group by 1.2% in the 3rd quarter. Truist Financial Corp now owns 1,202,894 shares of the financial services provider’s stock valued at $241,697,000 after buying an additional 14,504 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNC. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. Truist Financial increased their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Finally, Oppenheimer lifted their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $231.00.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $238.40 on Friday. The firm has a market capitalization of $93.49 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 0.99 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50 day simple moving average is $213.86 and its 200-day simple moving average is $200.19. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $240.37.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 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.