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

AlphaQuest LLC boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 29,309 shares of the financial services provider’s stock after acquiring an additional 6,620 shares during the quarter. The PNC Financial Services Group makes up 0.4% of AlphaQuest LLC’s investment portfolio, making the stock its 6th biggest position. AlphaQuest LLC’s holdings in The PNC Financial Services Group were worth $5,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PNC. Norges Bank purchased a new position in The PNC Financial Services Group in the second quarter valued at about $1,477,836,000. Viking Global Investors LP bought a new position in shares of The PNC Financial Services Group in the 2nd quarter worth about $442,871,000. AQR Capital Management LLC lifted its holdings in The PNC Financial Services Group by 134.9% in the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after acquiring an additional 1,917,530 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of The PNC Financial Services Group by 43.8% in the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after purchasing an additional 845,148 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in The PNC Financial Services Group by 491.7% in the second quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock valued at $187,525,000 after buying an additional 835,926 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

PNC opened at $224.55 on Friday. The firm has a market capitalization of $88.06 billion, a P/E ratio of 13.53, a PEG ratio of 0.93 and a beta of 0.99. The stock has a fifty day moving average of $209.69 and a 200-day moving average of $198.91. 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 PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $227.78.

The PNC Financial Services Group (NYSE:PNC) last issued 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 business 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 return on equity of 11.87% and a net margin of 20.40%.The PNC Financial Services Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.77 earnings per share. Equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

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 given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is 40.99%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PNC shares. 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 report on Tuesday, January 20th. Barclays upped their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. TD Cowen raised their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a report on Thursday, October 16th. Finally, Truist Financial increased their price objective on The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research report on Thursday, December 18th. One 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 given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.00.

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.