Apricus Wealth LLC has increased its holdings in The PNC Financial Services Group, Inc. (NYSE: PNC) by 1.3% during the second quarter of 2023. The institutional investor now owns 13,370 shares of the financial services provider after acquiring an additional 173 shares in the period. As of the end of June, Apricus Wealth’s investment in PNC was valued at approximately $2,492,000.
This adjustment is part of a broader trend among institutional investors, with several hedge funds also modifying their stakes in PNC. Notably, Massachusetts Financial Services Co. increased its holdings by 26.1% during the first quarter, acquiring an additional 1,964,157 shares to bring its total to 9,502,467 shares, worth around $1.67 billion.
Nuveen LLC entered the picture by purchasing a new stake valued at $306.9 million. Similarly, Amundi raised its position by an impressive 76.1%, owning 2,186,073 shares valued at $352.6 million after adding 944,731 shares. AQR Capital Management LLC also made significant gains, boosting its stake by 187.3%, with a total of 1,421,434 shares now valued at $245 million. Meanwhile, Goldman Sachs Group Inc. expanded its holdings by 41.8%, owning 2,818,090 shares worth $495.3 million.
Currently, institutional investors hold 83.53% of PNC’s stock, underscoring the confidence in the company’s financial stability.
PNC Financial Services Stock Performance
As of Tuesday, The PNC Financial Services Group’s stock opened at $182.26, showing a 1.6% increase. The firm maintains a market capitalization of $71.78 billion and has a P/E ratio of 11.77. It also has a quick ratio and current ratio of 0.81, along with a debt-to-equity ratio of 1.06. The stock experienced a 12-month low of $145.12 and a high of $216.26.
In addition to its stock performance, PNC has announced a quarterly dividend of $1.70 per share, set to be paid on November 5, 2023. Shareholders of record as of October 14 will receive this dividend, reflecting an annualized rate of $6.80 and a dividend yield of 3.7%. The company’s current dividend payout ratio stands at 43.93%.
Analyst Ratings and Forecasts
Recent evaluations from various brokerages indicate a generally positive outlook for PNC. Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on July 18, 2023. Stephens maintained an “equal weight” rating with a target price of $200.00 in a note dated September 10.
Raymond James Financial increased its price target from $220.00 to $225.00, assigning an “outperform” rating on September 19. Piper Sandler also upgraded its rating from “neutral” to “overweight,” raising its price objective from $211.00 to $220.00 on October 9. Morgan Stanley adjusted its target price from $186.00 to $206.00, maintaining an “underweight” rating.
Overall, one research analyst has issued a Strong Buy rating, alongside fifteen Buy ratings, six Hold ratings, and one Sell rating for PNC. According to MarketBeat, the consensus rating for the stock is a “Moderate Buy” with a target price of $218.47.
The PNC Financial Services Group operates as a diversified financial services company in the United States, functioning across three main segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group. This diversified approach positions PNC to navigate market fluctuations effectively.
