Procyon Advisors LLC Boosts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Posted by Defense World Staff on Mar 27th, 2023

Procyon Advisors LLC grew its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 52.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,777 shares of the financial services provider’s stock after buying an additional 2,325 shares during the quarter. Procyon Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,070,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Retirement Financial Solutions LLC purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth approximately $25,000. West Financial Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $26,000. Standard Family Office LLC purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $30,000. Ten Capital Wealth Advisors LLC increased its position in shares of The PNC Financial Services Group by 587.1% during the third quarter. Ten Capital Wealth Advisors LLC now owns 213 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 182 shares in the last quarter. Finally, Carolinas Wealth Consulting LLC increased its position in shares of The PNC Financial Services Group by 2.5% during the third quarter. Carolinas Wealth Consulting LLC now owns 4,072 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 101 shares in the last quarter. 82.05% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $124.15 on Monday. The PNC Financial Services Group, Inc. has a 52 week low of $119.27 and a 52 week high of $198.98. The business’s fifty day simple moving average is $151.24 and its 200-day simple moving average is $155.77. The firm has a market cap of $49.62 billion, a PE ratio of 8.95, a price-to-earnings-growth ratio of 1.05 and a beta of 1.16. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.28.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last posted its earnings results on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.95 by ($0.46). The PNC Financial Services Group had a return on equity of 12.88% and a net margin of 25.73%. The firm had revenue of $5.76 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the company posted $2.86 EPS. The PNC Financial Services Group’s revenue was up 12.4% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 14.59 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, February 5th. Investors of record on Tuesday, January 17th were paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 4.83%. The ex-dividend date was Friday, January 13th. The PNC Financial Services Group’s payout ratio is 43.26%.

Insider Buying and Selling

In other news, CEO William S. Demchak bought 6,550 shares of the firm’s stock in a transaction that occurred on Friday, January 20th. The shares were purchased at an average price of $153.38 per share, with a total value of $1,004,639.00. Following the purchase, the chief executive officer now owns 482,924 shares in the company, valued at $74,070,883.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO William S. Demchak purchased 1,000 shares of the business’s stock in a transaction on Monday, March 13th. The shares were bought at an average price of $129.70 per share, for a total transaction of $129,700.00. Following the acquisition, the chief executive officer now directly owns 525,349 shares in the company, valued at $68,137,765.30. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak purchased 6,550 shares of the business’s stock in a transaction on Friday, January 20th. The shares were bought at an average price of $153.38 per share, for a total transaction of $1,004,639.00. Following the acquisition, the chief executive officer now owns 482,924 shares in the company, valued at $74,070,883.12. The disclosure for this purchase can be found here. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Credit Suisse Group dropped their price target on The PNC Financial Services Group from $170.00 to $165.00 and set a “neutral” rating for the company in a research report on Thursday, January 19th. UBS Group cut The PNC Financial Services Group from a “buy” rating to a “neutral” rating and dropped their target price for the company from $190.00 to $176.00 in a report on Tuesday, January 10th. Royal Bank of Canada dropped their target price on The PNC Financial Services Group from $185.00 to $167.00 and set an “outperform” rating for the company in a report on Friday. Wolfe Research upped their target price on The PNC Financial Services Group from $164.00 to $170.00 in a report on Thursday, December 1st. Finally, Robert W. Baird dropped their target price on The PNC Financial Services Group from $210.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, January 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $179.69.

The PNC Financial Services Group Company Profile

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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