Spire Wealth Management Sells 867 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Spire Wealth Management reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 16.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,388 shares of the financial services provider’s stock after selling 867 shares during the quarter. Spire Wealth Management’s holdings in The PNC Financial Services Group were worth $553,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Holistic Financial Partners increased its stake in The PNC Financial Services Group by 28.3% in the 2nd quarter. Holistic Financial Partners now owns 2,275 shares of the financial services provider’s stock worth $287,000 after buying an additional 502 shares in the last quarter. TD Asset Management Inc grew its position in shares of The PNC Financial Services Group by 1.3% during the second quarter. TD Asset Management Inc now owns 168,453 shares of the financial services provider’s stock valued at $21,217,000 after purchasing an additional 2,237 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of The PNC Financial Services Group by 4.4% during the second quarter. Canada Pension Plan Investment Board now owns 285,160 shares of the financial services provider’s stock valued at $35,916,000 after purchasing an additional 11,900 shares in the last quarter. Ellevest Inc. grew its position in shares of The PNC Financial Services Group by 5.7% during the second quarter. Ellevest Inc. now owns 3,437 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 186 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of The PNC Financial Services Group by 2.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,606 shares of the financial services provider’s stock valued at $8,767,000 after purchasing an additional 1,627 shares in the last quarter. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PNC shares. Morgan Stanley cut their price objective on The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating for the company in a research report on Tuesday, October 3rd. Piper Sandler raised their price objective 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, September 15th. Bank of America upgraded The PNC Financial Services Group from an “underperform” rating to a “neutral” rating in a research report on Tuesday, October 10th. Odeon Capital Group lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Finally, HSBC began coverage on shares of The PNC Financial Services Group in a report on Thursday, September 7th. They issued a “reduce” rating and a $110.00 price target for the company. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $150.99.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $130.26 on Friday. The firm has a market cap of $51.89 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 1.15 and a beta of 1.14. The company’s 50 day moving average is $120.25 and its 200 day moving average is $122.81. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $170.27.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $3.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.10 by $0.50. The business had revenue of $5.23 billion for the quarter, compared to the consensus estimate of $5.32 billion. The PNC Financial Services Group had a return on equity of 12.91% and a net margin of 20.39%. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.78 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.86 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date was Monday, October 16th. The PNC Financial Services Group’s payout ratio is presently 43.03%.

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.