CVA Family Office LLC Trims Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

CVA Family Office LLC lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 14.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 709 shares of the financial services provider’s stock after selling 116 shares during the period. CVA Family Office LLC’s holdings in The PNC Financial Services Group were worth $89,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Argent Trust Co increased its holdings in shares of The PNC Financial Services Group by 28.6% in the first quarter. Argent Trust Co now owns 8,334 shares of the financial services provider’s stock valued at $1,059,000 after purchasing an additional 1,853 shares during the period. Marcum Wealth LLC increased its holdings in shares of The PNC Financial Services Group by 19.3% in the first quarter. Marcum Wealth LLC now owns 4,403 shares of the financial services provider’s stock valued at $560,000 after purchasing an additional 711 shares during the period. Ruffer LLP acquired a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $29,855,000. Arete Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $359,411,000,000. Finally, Border to Coast Pensions Partnership Ltd increased its holdings in shares of The PNC Financial Services Group by 20.2% in the first quarter. Border to Coast Pensions Partnership Ltd now owns 106,703 shares of the financial services provider’s stock valued at $13,562,000 after purchasing an additional 17,938 shares during the period. Institutional investors and hedge funds own 80.14% of the company’s stock.

The PNC Financial Services Group Stock Down 0.5 %

Shares of NYSE:PNC opened at $126.35 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.33. The PNC Financial Services Group, Inc. has a 52-week low of $110.31 and a 52-week high of $170.27. The stock’s fifty day simple moving average is $126.35 and its 200-day simple moving average is $126.15. The company has a market capitalization of $50.32 billion, a P/E ratio of 8.66, a P/E/G ratio of 1.16 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.05. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.45 billion. During the same period in the prior year, the business earned $3.42 earnings per share. The business’s revenue was up 3.5% on a year-over-year basis. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.5 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were given a $1.55 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a dividend yield of 4.91%. The ex-dividend date was Friday, July 14th. The PNC Financial Services Group’s dividend payout ratio is currently 42.49%.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on The PNC Financial Services Group in a report on Thursday, August 17th. They set a “sell” rating on the stock. Piper Sandler upped their price objective on The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a report on Friday. HSBC initiated coverage on The PNC Financial Services Group in a report on Thursday, September 7th. They set a “reduce” rating and a $110.00 price objective on the stock. Credit Suisse Group dropped their price objective on The PNC Financial Services Group from $145.00 to $135.00 in a report on Wednesday, July 19th. Finally, Morgan Stanley upped their price objective on The PNC Financial Services Group from $137.00 to $144.00 and gave the stock an “underweight” rating in a report on Wednesday, July 19th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $157.20.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. 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.