Potomac Fund Management Inc. ADV Acquires Shares of 6,296 The PNC Financial Services Group, Inc. (NYSE:PNC)

Potomac Fund Management Inc. ADV bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,296 shares of the financial services provider’s stock, valued at approximately $1,214,000. The PNC Financial Services Group makes up about 1.1% of Potomac Fund Management Inc. ADV’s holdings, making the stock its 25th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNC. Baltimore Washington Financial Advisors Inc. boosted its position in The PNC Financial Services Group by 3.1% in the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock worth $324,000 after purchasing an additional 51 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of The PNC Financial Services Group by 2.4% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock worth $434,000 after buying an additional 53 shares during the last quarter. Transcend Capital Advisors LLC grew its position in The PNC Financial Services Group by 1.8% during the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after buying an additional 55 shares during the period. Valmark Advisers Inc. grew its position in The PNC Financial Services Group by 1.4% during the fourth quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock valued at $773,000 after buying an additional 56 shares during the period. Finally, Red Wave Investments LLC increased its holdings in The PNC Financial Services Group by 3.1% during the third quarter. Red Wave Investments LLC now owns 1,907 shares of the financial services provider’s stock worth $353,000 after buying an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PNC. Stephens reissued an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Piper Sandler raised their target price on 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. Barclays upped 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 report on Monday, January 6th. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company cut their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $204.12.

The PNC Financial Services Group Stock Down 0.7 %

PNC opened at $174.58 on Wednesday. The firm has a market capitalization of $69.09 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The company has a fifty day moving average price of $186.98 and a 200-day moving average price of $192.18. 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 posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.16 earnings per share. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.67%. The PNC Financial Services Group’s payout ratio is presently 46.55%.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $174.78, for a total transaction of $217,076.76. Following the sale, the chief executive officer now owns 564,815 shares in the company, valued at approximately $98,718,365.70. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 13,662 shares of company stock valued at $2,559,389 in the last quarter. Corporate insiders own 0.41% 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.