Miracle Mile Advisors LLC Invests $500,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Miracle Mile Advisors LLC purchased a new stake 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 SEC. The fund purchased 2,590 shares of the financial services provider’s stock, valued at approximately $500,000.

A number of other large investors also recently bought and sold shares of the business. Parallel Advisors LLC raised its position in The PNC Financial Services Group by 8.4% during the second quarter. Parallel Advisors LLC now owns 3,594 shares of the financial services provider’s stock worth $559,000 after acquiring an additional 277 shares during the period. One Capital Management LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $463,000. Denali Advisors LLC purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at about $715,000. Bradley Foster & Sargent Inc. CT increased its stake in The PNC Financial Services Group by 4.6% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 8,839 shares of the financial services provider’s stock worth $1,374,000 after buying an additional 388 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in shares of The PNC Financial Services Group by 9.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 29,510 shares of the financial services provider’s stock valued at $4,588,000 after acquiring an additional 2,670 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $216.01, for a total transaction of $268,284.42. Following the sale, the chief executive officer now owns 533,765 shares of the company’s stock, valued at approximately $115,298,577.65. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 48.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,272 shares of company stock valued at $6,164,890. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PNC shares. Barclays lifted their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Compass Point upped 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 report on Tuesday, December 10th. The Goldman Sachs Group increased their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Truist Financial started coverage on shares of The PNC Financial Services Group in a research report on Tuesday, January 7th. They set a “hold” rating and a $215.00 price target on the stock. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. 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. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $203.29.

The PNC Financial Services Group Trading Up 2.2 %

Shares of PNC stock opened at $200.07 on Thursday. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26. The firm has a market cap of $79.38 billion, a PE ratio of 16.91, a price-to-earnings-growth ratio of 2.11 and a beta of 1.16. The company has a 50-day moving average of $201.75 and a two-hundred day moving average of $186.58. The company has a debt-to-equity ratio of 1.22, 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 Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the firm earned $3.60 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be issued a $1.60 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.20%. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

The PNC Financial Services Group Company 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.