Morningstar Investment Management LLC Has $282,000 Stock Holdings in The PNC Financial Services Group, Inc $PNC

Morningstar Investment Management LLC cut its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 96.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,350 shares of the financial services provider’s stock after selling 32,532 shares during the quarter. Morningstar Investment Management LLC’s holdings in The PNC Financial Services Group were worth $282,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Beacon Financial Strategies CORP acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $35,000. Westfuller Advisors LLC acquired a new stake in The PNC Financial Services Group in the third quarter valued at approximately $34,000. Cornerstone Planning Group LLC lifted its stake in The PNC Financial Services Group by 2,100.0% in the fourth quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 168 shares during the last quarter. Finally, JPL Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the third quarter worth $37,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PNC shares. Barclays boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Truist Financial boosted their price objective on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $243.11.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $219.50 on Tuesday. The PNC Financial Services Group, Inc has a 1-year low of $169.32 and a 1-year high of $243.94. The firm has a fifty day simple moving average of $214.73 and a 200-day simple moving average of $212.21. The stock has a market capitalization of $88.14 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.91 and a beta of 0.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the previous year, the firm posted $3.51 earnings per share. The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. On average, sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group’s payout ratio is 39.51%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.