Financial Services News

Mirae Asset Global Investments Co. Ltd. Acquires 15,879 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)



Mirae Asset Global Investments Co. Ltd. lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 32.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 64,610 shares of the financial services provider’s stock after purchasing an additional 15,879 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in The PNC Financial Services Group were worth $11,917,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $526,000. EverSource Wealth Advisors LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $223,000. NorthRock Partners LLC raised its stake in shares of The PNC Financial Services Group by 21.6% during the 4th quarter. NorthRock Partners LLC now owns 3,962 shares of the financial services provider’s stock worth $795,000 after buying an additional 705 shares during the period. SG Americas Securities LLC raised its stake in shares of The PNC Financial Services Group by 209.4% during the 4th quarter. SG Americas Securities LLC now owns 11,501 shares of the financial services provider’s stock worth $2,306,000 after buying an additional 7,784 shares during the period. Finally, Wrapmanager Inc. raised its stake in shares of The PNC Financial Services Group by 5.5% during the 4th quarter. Wrapmanager Inc. now owns 2,304 shares of the financial services provider’s stock worth $462,000 after buying an additional 120 shares during the period. Institutional investors own 83.54% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $170.79 on Friday. The firm has a market cap of $70.05 billion, a P/E ratio of 13.36, a PEG ratio of 2.59 and a beta of 1.21. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a fifty day moving average price of $161.92 and a two-hundred day moving average price of $175.33. The PNC Financial Services Group, Inc. has a 1 year low of $146.39 and a 1 year high of $228.14.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last released its earnings results on Friday, July 15th. The financial services provider reported $3.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.11 by $0.31. The PNC Financial Services Group had a return on equity of 11.93% and a net margin of 27.32%. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.13 billion. During the same quarter in the prior year, the company earned $4.50 earnings per share. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Research analysts forecast that The PNC Financial Services Group, Inc. will post 14.49 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Wednesday, July 13th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend was Tuesday, July 12th. The PNC Financial Services Group’s payout ratio is 46.95%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Evercore ISI set a $175.00 target price on The PNC Financial Services Group in a report on Tuesday, July 19th. Jefferies Financial Group lowered their target price on The PNC Financial Services Group from $188.00 to $156.00 in a report on Monday, July 11th. Raymond James lowered The PNC Financial Services Group from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 7th. Barclays reduced their price target on The PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating on the stock in a research report on Monday, July 18th. Finally, Wolfe Research cut their target price on The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a research report on Thursday, May 26th. One investment 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $197.63.

The PNC Financial Services Group Company Profile

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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.

Further Reading

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



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