Ken Griffin Stock Portfolio: 10 Stocks to Buy

6. PNC Financial Services Group Inc. (NYSE:PNC)

Citadel Investment Group’s Stake: $636.3 million

PNC Financial Services Group Inc. (NYSE:PNC) is a leading American bank holding company and financial services provider. It offers a comprehensive range of lending products and specialized services for corporations and government entities, including corporate banking, real estate financing, and asset-based lending.

In the third quarter of fiscal year 2024, PNC reported strong financial performance, with a net income of $1.5 billion, or $3.49 per diluted share. This success was driven by a 3% increase in net interest income and a 10% rise in fee income. Additionally, the company raised $1.5 billion through a public offering of senior notes in partnership with multiple financial institutions.

On October 17, JPMorgan reaffirmed its Overweight rating on PNC shares, maintaining a price target of $203.50. The positive outlook reflects confidence in the company’s Q3 results and its financial trajectory.

Looking ahead to Q4 2024, PNC Financial Services Group Inc. (NYSE:PNC) projects stable average loan balances, a 1% increase in net interest income, and a 5% to 7% decline in fee income. It also anticipates a 2% to 3% rise in total non-interest expenses. Furthermore, the company plans to return approximately $800 million to shareholders through dividends and share repurchases.

Carillon Eagle Growth & Income Fund stated the following regarding The PNC Financial Services Group, Inc. (NYSE:PNC) in its Q3 2024 investor letter:

“The PNC Financial Services Group, Inc. (NYSE:PNC) contributed to performance as the company delivered strong financial results implying that its net interest income may have troughed. Financial results also implied an acceleration in loan growth at the end of the quarter; period-end loan growth vastly outpaced average loan growth throughout the quarter.”