North Dakota State Investment Board Purchases Shares of 13,552 The PNC Financial Services Group, Inc $PNC

Key Points

• North Dakota State Investment Board initiated a new position in PNC, buying 13,552 shares in the fourth quarter worth about $2.83 million.
• Analysts remain broadly positive on PNC, with several firms raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target price of $243.11.
• PNC posted solid quarterly results, with EPS of $4.32 beating estimates, and it also paid a $1.70 quarterly dividend, implying a 3.2% yield.

North Dakota State Investment Board purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 13,552 shares of the financial services provider's stock, valued at approximately $2,829,000.

A number of other institutional investors have also made changes to their positions in PNC. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the third quarter valued at about $25,000. Westfuller Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $34,000. Beacon Financial Strategies CORP acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $35,000. JPL Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $37,000. Finally, Financial Life Planners acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $39,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNC. Barclays lifted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a report on Thursday, April 16th. TD Cowen lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, January 20th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective for the company. Finally, Citigroup lifted their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $243.11.

The PNC Financial Services Group Stock Up 0.4%

Shares of The PNC Financial Services Group stock opened at $213.70 on Tuesday. The PNC Financial Services Group, Inc has a 52-week low of $169.32 and a 52-week high of $243.94. The company has a 50 day moving average of $213.50 and a 200 day moving average of $210.97. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $85.82 billion, a P/E ratio of 12.42, a P/E/G ratio of 0.88 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the firm earned $3.51 earnings per share. The firm's quarterly revenue was up 13.1% on a year-over-year basis. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group's payout ratio is currently 39.51%.

Insider Buying and Selling

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at $127,970,781.12. This represents a 8.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,779 shares of company stock worth $13,130,104 over the last 90 days. 0.38% of the stock is owned by insiders.

About The PNC Financial Services Group

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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