3,920 Shares in The PNC Financial Services Group, Inc. (NYSE:PNC) Purchased by Sanders Morris Harris LLC

Sanders Morris Harris LLC bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the second quarter, HoldingsChannel reports. The institutional investor bought 3,920 shares of the financial services provider’s stock, valued at approximately $500,000.

A number of other hedge funds have also recently bought and sold shares of the company. Centerpoint Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $26,000. Chilton Capital Management LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $33,000. AXS Investments LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $36,000. Ruedi Wealth Management Inc. acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $37,000. Finally, Venturi Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $38,000. 80.14% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.5 %

Shares of The PNC Financial Services Group stock opened at $126.35 on Friday. The firm has a market cap of $50.32 billion, a price-to-earnings ratio of 8.66, a P/E/G ratio of 1.16 and a beta of 1.15. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.82 and a quick ratio of 0.82. The PNC Financial Services Group, Inc. has a 52-week low of $110.31 and a 52-week high of $170.27. The stock has a 50-day simple moving average of $126.37 and a 200-day simple moving average of $125.71.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results 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 during the quarter, compared to analyst estimates of $5.45 billion. During the same period in the previous year, the company earned $3.42 EPS. The firm’s revenue was up 3.5% on a year-over-year basis. On average, equities research analysts expect 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. Investors of record on Monday, July 17th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.91%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Friday, July 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 42.49%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Piper Sandler increased their price target on The PNC Financial Services Group from $130.00 to $131.00 and gave the company a “neutral” rating in a research report on Friday. HSBC started coverage on The PNC Financial Services Group in a research report on Thursday, September 7th. They set a “reduce” rating and a $110.00 price objective for the company. Morgan Stanley raised their price objective on The PNC Financial Services Group from $137.00 to $144.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 19th. Citigroup decreased their price objective on The PNC Financial Services Group from $150.00 to $145.00 in a research report on Thursday, June 8th. Finally, 888 restated a “reiterates” rating on shares of The PNC Financial Services Group in a research report on Monday, June 26th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.