Ritholtz Wealth Management Buys 2,747 Shares of The PNC Financial Services Group, Inc $PNC

Ritholtz Wealth Management raised its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 10.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 30,069 shares of the financial services provider’s stock after purchasing an additional 2,747 shares during the quarter. Ritholtz Wealth Management’s holdings in The PNC Financial Services Group were worth $6,042,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in The PNC Financial Services Group during the second quarter worth $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 stake in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after purchasing an additional 1,917,530 shares during the period. Federated Hermes Inc. boosted its position in shares of The PNC Financial Services Group by 43.8% during the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock valued at $517,598,000 after purchasing an additional 845,148 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in The PNC Financial Services Group by 491.7% during the second quarter. Marshall Wace LLP now owns 1,005,926 shares of the financial services provider’s stock worth $187,525,000 after purchasing an additional 835,926 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent analyst reports. Citigroup raised their price objective on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Oppenheimer decreased their price target on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $215.00 to $228.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Morgan Stanley raised their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Finally, Evercore ISI upped their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $222.06.

The PNC Financial Services Group Trading Up 1.3%

PNC opened at $215.02 on Friday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $220.54. The firm has a market capitalization of $84.32 billion, a PE ratio of 13.89, a P/E/G ratio of 0.91 and a beta of 0.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50-day moving average is $201.90 and its 200 day moving average is $197.01.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the prior year, the business posted $3.49 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts predict 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 disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

Insiders Place Their Bets

In related news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the sale, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by insiders.

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.