South Dakota Investment Council Decreases Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• South Dakota Investment Council reduced its PNC stake by 30.7% in the first quarter, selling 15,025 shares and retaining 33,939 shares valued at approximately $7.1 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, exceeding the $4.46 analyst consensus, while revenue rose 21.4% year over year to $6.66 billion. The company also increased its quarterly dividend from $1.70 to $2.00, implying a 3.2% yield.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $265.73; several firms recently raised their targets to between $269.50 and $290. PNC shares were trading near $248.74.

South Dakota Investment Council cut its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 30.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 33,939 shares of the financial services provider's stock after selling 15,025 shares during the quarter. South Dakota Investment Council's holdings in The PNC Financial Services Group were worth $7,062,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PNC. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter worth $25,000. Monetary Solutions Ltd bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $29,000. Financial Life Planners purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC lifted its holdings in shares of The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 71 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Up 0.1%

Shares of NYSE:PNC opened at $248.74 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $256.49. The stock has a market cap of $99.89 billion, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The business's 50 day moving average is $239.63 and its 200 day moving average is $225.84. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results 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 PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period in the previous year, the company posted $3.85 EPS. The PNC Financial Services Group's revenue was up 21.4% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Stephens lifted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Argus raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Citigroup lifted their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $265.73.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 over the last three months. 0.38% of the stock is owned by company insiders.

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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