Proficio Capital Partners LLC Invests $37.59 Million in The PNC Financial Services Group, Inc. (NYSE:PNC)

Proficio Capital Partners LLC bought a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 194,903 shares of the financial services provider’s stock, valued at approximately $37,587,000.

Several other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in shares of The PNC Financial Services Group by 22.5% in the fourth quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider’s stock valued at $746,435,000 after purchasing an additional 710,311 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of The PNC Financial Services Group by 88.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock valued at $108,217,000 after purchasing an additional 274,186 shares during the period. Toronto Dominion Bank lifted its stake in shares of The PNC Financial Services Group by 129.3% in the third quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider’s stock valued at $82,768,000 after purchasing an additional 252,473 shares during the period. KBC Group NV lifted its stake in shares of The PNC Financial Services Group by 214.4% in the fourth quarter. KBC Group NV now owns 271,588 shares of the financial services provider’s stock valued at $52,375,000 after purchasing an additional 185,210 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 2.0% in the third quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock valued at $1,541,155,000 after purchasing an additional 166,138 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $192.05 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26. The company has a 50-day simple moving average of $195.42 and a 200-day simple moving average of $192.32. The company has a market cap of $76.00 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the firm earned $3.16 earnings per share. The PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.33%. The PNC Financial Services Group’s payout ratio is 46.55%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $192.45, for a total value of $239,022.90. Following the completion of the sale, the chief executive officer now directly owns 571,025 shares in the company, valued at approximately $109,893,761.25. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 12,420 shares of company stock worth $2,445,461. 0.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent analyst reports. Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Compass Point lifted their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $205.00.

About The PNC Financial Services Group

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.