The PNC Financial Services Group, Inc $PNC Holdings Lowered by AlphaQuest LLC

AlphaQuest LLC trimmed its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 28.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,955 shares of the financial services provider’s stock after selling 8,354 shares during the quarter. The PNC Financial Services Group comprises 0.2% of AlphaQuest LLC’s holdings, making the stock its 18th biggest position. AlphaQuest LLC’s holdings in The PNC Financial Services Group were worth $4,374,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Viking Global Investors LP raised its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. Wellington Management Group LLP raised its position in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares in the last quarter. AQR Capital Management LLC raised its position in shares of The PNC Financial Services Group by 32.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock worth $889,297,000 after buying an additional 1,086,941 shares in the last quarter. Capital International Investors raised its position in shares of The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock worth $2,177,318,000 after buying an additional 609,755 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $123,940,000. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on PNC shares. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Bank of America boosted their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Truist Financial boosted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.11.

The PNC Financial Services Group Stock Up 0.1%

Shares of NYSE:PNC opened at $219.50 on Tuesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $88.14 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 0.91 and a beta of 0.94. The PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94. The firm has a 50 day simple moving average of $214.73 and a 200 day simple moving average of $212.21.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.51 EPS. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

The PNC Financial Services Group Company Profile

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.