State of Alaska Department of Revenue Lowers Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• The State of Alaska Department of Revenue has reduced its stake in The PNC Financial Services Group by 4.2% in Q2, now holding 44,443 shares valued at $8.285 million.
• The company recently reported quarterly earnings of $3.85 EPS, exceeding estimates and showing a year-over-year revenue increase of 4.6%.
• The PNC Financial Services Group has increased its quarterly dividend to $1.70 per share, up from $1.60, which equates to an annualized yield of 3.3%.

State of Alaska Department of Revenue reduced its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,443 shares of the financial services provider's stock after selling 1,940 shares during the quarter. State of Alaska Department of Revenue's holdings in The PNC Financial Services Group were worth $8,285,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PNC. Brighton Jones LLC grew its holdings in The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after acquiring an additional 984 shares during the last quarter. Central Pacific Bank Trust Division raised its holdings in The PNC Financial Services Group by 3.4% in the 1st quarter. Central Pacific Bank Trust Division now owns 4,769 shares of the financial services provider's stock worth $838,000 after purchasing an additional 156 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of The PNC Financial Services Group by 157.3% during the 1st quarter. Versant Capital Management Inc now owns 1,217 shares of the financial services provider's stock valued at $214,000 after purchasing an additional 744 shares in the last quarter. GAMMA Investing LLC increased its position in shares of The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after buying an additional 1,143,079 shares during the period. Finally, Summit Global Investments boosted its position in The PNC Financial Services Group by 22.9% during the 1st quarter. Summit Global Investments now owns 4,074 shares of the financial services provider's stock valued at $716,000 after acquiring an additional 760 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 0.3%

NYSE PNC opened at $203.30 on Friday. The stock has a market cap of $80.06 billion, a PE ratio of 13.91, a P/E/G ratio of 1.50 and a beta of 1.11. The stock's 50 day moving average is $198.37 and its 200 day moving average is $182.09. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%.The company's revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the company earned $3.39 EPS. The PNC Financial Services Group has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. Research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a dividend of $1.70 per share. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's payout ratio is 46.51%.

Analyst Upgrades and Downgrades

PNC has been the topic of several research reports. Oppenheimer dropped their price objective on shares of The PNC Financial Services Group from $238.00 to $235.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 23rd. The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Bank of America lifted their price objective on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Stephens reissued an "equal weight" rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Finally, Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their price target for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell 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 $215.17.

The PNC Financial Services Group 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.

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