Prelude Capital Management LLC Makes New $360,000 Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Prelude Capital Management LLC acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 2,406 shares of the financial services provider’s stock, valued at approximately $360,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PNC. Price T Rowe Associates Inc. MD increased its position in shares of The PNC Financial Services Group by 21.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock worth $2,116,282,000 after purchasing an additional 2,373,814 shares during the last quarter. Northern Trust Corp raised its position in The PNC Financial Services Group by 2.3% during the second quarter. Northern Trust Corp now owns 4,951,908 shares of the financial services provider’s stock worth $781,263,000 after acquiring an additional 110,218 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in The PNC Financial Services Group by 4.5% in the third quarter. Bank of New York Mellon Corp now owns 3,608,052 shares of the financial services provider’s stock valued at $539,114,000 after acquiring an additional 155,964 shares during the last quarter. Bahl & Gaynor Inc. grew its position in shares of The PNC Financial Services Group by 11.9% in the 3rd quarter. Bahl & Gaynor Inc. now owns 2,541,537 shares of the financial services provider’s stock valued at $379,757,000 after acquiring an additional 269,972 shares during the period. Finally, Federated Hermes Inc. increased its stake in shares of The PNC Financial Services Group by 21.0% during the 3rd quarter. Federated Hermes Inc. now owns 2,354,475 shares of the financial services provider’s stock worth $351,805,000 after purchasing an additional 408,829 shares during the last quarter. Institutional investors and hedge funds own 82.05% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PNC shares. Piper Sandler raised their target price on shares of The PNC Financial Services Group from $150.00 to $164.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th. UBS Group downgraded The PNC Financial Services Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $190.00 to $176.00 in a research note on Tuesday, January 10th. Morgan Stanley dropped their price target on The PNC Financial Services Group from $178.00 to $163.00 and set an “underweight” rating on the stock in a research note on Thursday, January 19th. Barclays reduced their price objective on shares of The PNC Financial Services Group from $222.00 to $218.00 and set an “overweight” rating for the company in a research report on Tuesday, January 3rd. Finally, Citigroup raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and set a $175.00 price objective on the stock in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $180.36.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak acquired 6,550 shares of The PNC Financial Services Group stock in a transaction on Friday, January 20th. The shares were purchased at an average cost of $153.38 per share, for a total transaction of $1,004,639.00. Following the completion of the purchase, the chief executive officer now directly owns 482,924 shares of the company’s stock, valued at approximately $74,070,883.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $130.06 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.28. The PNC Financial Services Group, Inc. has a 12-month low of $124.21 and a 12-month high of $199.43. The company’s 50 day moving average price is $157.95 and its two-hundred day moving average price is $157.81. The firm has a market cap of $51.98 billion, a PE ratio of 9.38, a PEG ratio of 2.02 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last issued its quarterly earnings results on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.95 by ($0.46). The company had revenue of $5.76 billion for the quarter, compared to analyst estimates of $5.71 billion. The PNC Financial Services Group had a return on equity of 12.88% and a net margin of 25.73%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.86 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 14.66 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, February 5th. Investors of record on Tuesday, January 17th were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date was Friday, January 13th. The PNC Financial Services Group’s payout ratio is currently 43.26%.

The PNC Financial Services Group Profile

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.