Berkshire Bank Buys 91 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Berkshire Bank lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,438 shares of the financial services provider’s stock after purchasing an additional 91 shares during the period. Berkshire Bank’s holdings in The PNC Financial Services Group were worth $433,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. lifted its position in shares of The PNC Financial Services Group by 7.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after purchasing an additional 860,489 shares in the last quarter. FMR LLC lifted its stake in shares of The PNC Financial Services Group by 5.8% during the first quarter. FMR LLC now owns 11,401,954 shares of the financial services provider’s stock valued at $1,449,188,000 after acquiring an additional 623,952 shares during the period. Bank of America Corp DE lifted its stake in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. Bank of America Corp DE now owns 9,264,839 shares of the financial services provider’s stock valued at $1,463,289,000 after acquiring an additional 36,414 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of The PNC Financial Services Group by 788.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,501,090 shares of the financial services provider’s stock valued at $1,080,490,000 after acquiring an additional 7,544,029 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 2.4% during the first quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock valued at $915,146,000 after acquiring an additional 171,876 shares during the period. 80.14% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 1.3 %

The PNC Financial Services Group stock opened at $124.68 on Tuesday. The firm has a market capitalization of $49.66 billion, a PE ratio of 8.55, a P/E/G ratio of 1.16 and a beta of 1.15. The company’s 50-day moving average is $126.37 and its 200-day moving average is $125.50. The PNC Financial Services Group, Inc. has a fifty-two week low of $110.31 and a fifty-two week high of $170.27. 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 (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.05. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.45 billion. The PNC Financial Services Group had a net margin of 21.97% and a return on equity of 13.27%. The PNC Financial Services Group’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.42 EPS. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.5 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, August 5th. Shareholders of record on Monday, July 17th were issued 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 4.97%. The ex-dividend date of this dividend was Friday, July 14th. The PNC Financial Services Group’s payout ratio is currently 42.49%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PNC shares. Odeon Capital Group lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Piper Sandler increased their price objective on shares of The PNC Financial Services Group from $130.00 to $131.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company cut their target price on The PNC Financial Services Group from $186.00 to $176.00 in a research note on Wednesday, July 19th. StockNews.com started coverage on The PNC Financial Services Group in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Finally, HSBC started coverage on The PNC Financial Services Group in a research note on Thursday, September 7th. They issued a “reduce” rating and a $110.00 target price on the stock. Five 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $157.20.

The PNC Financial Services Group Company Profile

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.