Kentucky Retirement Systems Raises Stock Holdings in The PNC Financial Services Group, Inc $PNC

Kentucky Retirement Systems boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 77.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,932 shares of the financial services provider's stock after purchasing an additional 19,124 shares during the quarter. Kentucky Retirement Systems' holdings in The PNC Financial Services Group were worth $9,142,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cvfg LLC boosted its holdings in shares of The PNC Financial Services Group by 2.5% during the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after buying an additional 43 shares in the last quarter. YANKCOM Partnership increased its stake in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock worth $539,000 after acquiring an additional 46 shares in the last quarter. Westfuller Advisors LLC lifted its position in The PNC Financial Services Group by 26.9% during the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 46 shares during the period. Baron Wealth Management LLC lifted its position in The PNC Financial Services Group by 3.0% during the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after acquiring an additional 46 shares during the period. Finally, Atom Investors LP boosted its stake in The PNC Financial Services Group by 1.8% during the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock worth $529,000 after acquiring an additional 46 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $248.46 on Thursday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The firm's 50-day moving average is $239.02 and its 200 day moving average is $225.62. The stock has a market cap of $99.77 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group's revenue was up 21.4% compared to the same quarter last year. During the same period last year, the business earned $3.85 EPS. Sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent research reports. Robert W. Baird upped their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Oppenheimer boosted their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Argus upped their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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