Drive Wealth Management LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Drive Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 1,090 shares of the financial services provider’s stock, valued at approximately $203,000.

Several other large investors also recently bought and sold shares of PNC. Massachusetts Financial Services Co. MA increased its stake in The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Nuveen LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter valued at approximately $306,905,000. Amundi grew its position in shares of The PNC Financial Services Group by 76.1% in the first quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock valued at $352,592,000 after purchasing an additional 944,731 shares in the last quarter. AQR Capital Management LLC grew its position in shares of The PNC Financial Services Group by 187.3% in the first quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock valued at $245,055,000 after purchasing an additional 926,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after purchasing an additional 830,440 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 0.2%

NYSE:PNC opened at $181.83 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The stock’s fifty day moving average is $197.78 and its two-hundred day moving average is $184.20. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $71.61 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.82 billion. During the same period in the prior year, the firm earned $3.49 earnings per share. The firm’s revenue was up 8.9% compared to the same quarter last year. Research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Analyst Ratings Changes

PNC has been the subject of a number of analyst reports. Truist Financial upped their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the company a “hold” rating in a research report on Wednesday, September 24th. Evercore ISI upped their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Oppenheimer reiterated an “outperform” rating and issued a $240.00 price objective (up from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Finally, Morgan Stanley increased their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $218.47.

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 time 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.