Royal Fund Management LLC Makes New Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Royal Fund Management LLC acquired a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,241 shares of the financial services provider’s stock, valued at approximately $282,000.

Several other institutional investors have also recently bought and sold shares of the business. 1832 Asset Management L.P. grew its stake in shares of The PNC Financial Services Group by 33.5% in the 1st quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 67 shares in the last quarter. Siemens Fonds Invest GmbH grew its stake in shares of The PNC Financial Services Group by 0.8% in the 4th quarter. Siemens Fonds Invest GmbH now owns 9,371 shares of the financial services provider’s stock worth $1,480,000 after acquiring an additional 72 shares in the last quarter. KCM Investment Advisors LLC grew its stake in shares of The PNC Financial Services Group by 7.1% in the 1st quarter. KCM Investment Advisors LLC now owns 1,194 shares of the financial services provider’s stock worth $220,000 after acquiring an additional 79 shares in the last quarter. Bradley Foster & Sargent Inc. CT grew its stake in shares of The PNC Financial Services Group by 2.3% in the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 3,645 shares of the financial services provider’s stock worth $576,000 after acquiring an additional 82 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in shares of The PNC Financial Services Group by 1.0% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 8,838 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler upped their target price on shares of The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a research note on Friday. Odeon Capital Group lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. 888 restated a “reiterates” rating on shares of The PNC Financial Services Group in a research report on Monday, June 26th. Citigroup reduced their price target on shares of The PNC Financial Services Group from $150.00 to $145.00 in a research report on Thursday, June 8th. Finally, HSBC began coverage on shares of The PNC Financial Services Group in a research report on Thursday, September 7th. They set a “reduce” rating and a $110.00 price target for the company. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $157.20.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $124.68 on Tuesday. 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 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 PNC Financial Services Group, Inc. has a twelve month low of $110.31 and a twelve month high of $170.27. The company has a 50-day moving average price of $126.37 and a two-hundred day moving average price of $125.50.

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, topping analysts’ consensus estimates of $3.31 by $0.05. The PNC Financial Services Group had a net margin of 21.97% and a return on equity of 13.27%. The firm 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 firm posted $3.42 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.5 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.97%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The ex-dividend date was Friday, July 14th. The PNC Financial Services Group’s dividend payout ratio is presently 42.49%.

The PNC Financial Services Group 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.