Proficio Capital Partners LLC Buys New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Proficio Capital Partners LLC bought a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 194,903 shares of the financial services provider's stock, valued at approximately $37,587,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Cookson Peirce & Co. Inc. boosted its holdings in shares of The PNC Financial Services Group by 209.4% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 5,690 shares of the financial services provider's stock valued at $1,097,000 after buying an additional 3,851 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of The PNC Financial Services Group by 5.2% in the 4th quarter. Victory Capital Management Inc. now owns 922,000 shares of the financial services provider's stock valued at $177,808,000 after buying an additional 45,766 shares during the last quarter. AMJ Financial Wealth Management acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $5,964,000. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of The PNC Financial Services Group by 28.2% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 5,783 shares of the financial services provider's stock valued at $1,114,000 after buying an additional 1,272 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of The PNC Financial Services Group by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,480,024 shares of the financial services provider's stock valued at $478,273,000 after buying an additional 39,926 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PNC shares. Piper Sandler increased their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a "neutral" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Barclays increased their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Truist Financial increased their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a "hold" rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company increased their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $205.00.

Remove Ads

The PNC Financial Services Group Stock Down 1.4 %

Shares of NYSE PNC opened at $168.63 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26. The stock has a market capitalization of $66.74 billion, a P/E ratio of 12.26, a PEG ratio of 1.55 and a beta of 1.13. The stock's fifty day moving average is $192.50 and its 200 day moving average is $192.58.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts' consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter last year, the business earned $3.16 earnings per share. The PNC Financial Services Group's revenue was up 3.8% on a year-over-year basis. Sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group's payout ratio is currently 46.55%.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $189.29, for a total value of $235,098.18. Following the sale, the chief executive officer now directly owns 530,039 shares of the company's stock, valued at $100,331,082.31. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 12,420 shares of company stock worth $2,391,695. Company insiders own 0.42% of the company's stock.

The PNC Financial Services Group 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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.