Earned Wealth Advisors Boosts Stake in PNC Financial Services Group

Earned Wealth Advisors LLC has acquired a new stake in The PNC Financial Services Group, Inc (NYSE: PNC), as disclosed in their recent filing with the Securities and Exchange Commission. During the second quarter, the institutional investor purchased 2,841 shares, valued at approximately $530,000. This decision reflects a broader trend as several other large investors have also adjusted their holdings in PNC.

Massachusetts Financial Services Co., for instance, increased its stake in PNC by 26.1% in the first quarter, now owning 9,502,467 shares valued at $1.67 billion following an additional purchase of 1,964,157 shares. Other significant movements include Nuveen LLC, which acquired a new position worth $306.9 million, and AQR Capital Management LLC, which raised its holdings by an impressive 187.3% during the same period. Goldman Sachs Group Inc. also increased its stake by 41.8%, now holding 2,818,090 shares valued at $495.3 million. Overall, hedge funds and institutional investors control approximately 83.53% of PNC’s stock.

Recent Stock Performance and Dividend Announcement

As of the latest trading session, PNC shares opened at $182.23. The stock has demonstrated volatility over the past year, with a low of $145.12 and a high of $216.26. The company boasts a market capitalization of $71.76 billion, accompanied by a price-to-earnings (P/E) ratio of 11.77 and a PEG ratio of 1.26. Furthermore, PNC’s debt-to-equity ratio stands at 1.06, with both current and quick ratios at 0.81.

In a significant announcement, PNC declared a quarterly dividend of $1.70 per share, set to be paid on November 5, 2024. Shareholders of record by October 14, 2024 will receive this dividend, marking an annualized total of $6.80 and a yield of 3.7%. The company maintains a dividend payout ratio of 43.93%.

Insider Transactions and Analyst Ratings

In related news, Deborah Guild, Executive Vice President, sold 1,080 shares on October 24, 2024, at an average price of $186.97, resulting in a total transaction of $201,927.60. Following the sale, Guild retains ownership of 27,335 shares, valued at approximately $5.11 million, although this transaction represents a 3.80% decrease in her position. Company insiders currently own 0.41% of PNC shares.

Wall Street analysts have been active in their assessments of PNC stock. Recently, Bank of America raised its price target from $223.00 to $226.00, maintaining a “buy” rating. Similarly, UBS Group increased its price objective from $224.00 to $229.00, also rating it as a “buy.” On the other hand, Stephens has issued an “equal weight” rating with a price target of $200.00. Overall, the consensus rating for PNC is a “Moderate Buy” with an average target price of $218.47, reflecting positive sentiment among analysts.

The PNC Financial Services Group operates as a diversified financial services company in the United States, offering a range of products through its segments, including Retail Banking, Corporate & Institutional Banking, and Asset Management. This diverse portfolio positions PNC to continue attracting significant investment interest as it navigates market fluctuations.