Raymond James Trust N.A. Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Raymond James Trust N.A. boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 5.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,685 shares of the financial services provider’s stock after purchasing an additional 1,494 shares during the period. Raymond James Trust N.A.’s holdings in The PNC Financial Services Group were worth $4,210,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PNC. Vanguard Group Inc. grew its holdings in The PNC Financial Services Group by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 37,277,399 shares of the financial services provider’s stock worth $6,875,816,000 after acquiring an additional 349,470 shares in the last quarter. BlackRock Inc. grew its stake in shares of The PNC Financial Services Group by 2.0% during the 1st quarter. BlackRock Inc. now owns 30,563,752 shares of the financial services provider’s stock worth $5,637,484,000 after purchasing an additional 589,293 shares during the period. State Street Corp grew its stake in shares of The PNC Financial Services Group by 2.8% during the 4th quarter. State Street Corp now owns 19,704,923 shares of the financial services provider’s stock worth $3,951,231,000 after purchasing an additional 536,564 shares during the period. Capital Research Global Investors grew its stake in The PNC Financial Services Group by 1.2% in the 1st quarter. Capital Research Global Investors now owns 17,152,726 shares of the financial services provider’s stock valued at $3,163,834,000 after acquiring an additional 195,172 shares during the last quarter. Finally, Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $809,193,000. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Michael P. Lyons sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $166.96, for a total transaction of $584,360.00. Following the transaction, the executive vice president now directly owns 174,651 shares of the company’s stock, valued at $29,159,730.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on PNC shares. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Wolfe Research decreased their price target on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating for the company in a research report on Thursday, May 26th. Piper Sandler set a $160.00 price objective on shares of The PNC Financial Services Group in a report on Tuesday, July 19th. Barclays cut their target price on The PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Finally, Raymond James cut shares of The PNC Financial Services Group from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $197.78.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $154.67 on Friday. The PNC Financial Services Group, Inc. has a fifty-two week low of $146.39 and a fifty-two week high of $228.14. The business has a fifty day moving average price of $163.92 and a two-hundred day moving average price of $168.71. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.75 and a quick ratio of 0.75. The stock has a market capitalization of $63.43 billion, a PE ratio of 12.10, a P/E/G ratio of 2.37 and a beta of 1.21.

The PNC Financial Services Group (NYSE:PNCGet Rating) last announced its earnings results on Friday, July 15th. The financial services provider reported $3.42 EPS for the quarter, topping the consensus estimate of $3.11 by $0.31. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.13 billion. The PNC Financial Services Group had a return on equity of 11.93% and a net margin of 27.32%. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business earned $4.50 EPS. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 14.5 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Wednesday, July 13th were given a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, July 12th. This represents a $6.00 annualized dividend and a dividend yield of 3.88%. The PNC Financial Services Group’s dividend payout ratio is currently 46.95%.

About The PNC Financial Services Group

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The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of 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.

See Also

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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