The PNC Financial Services Group, Inc (NYSE:PNC) Shares Acquired by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its holdings in The PNC Financial Services Group by 1.2% during the first quarter, owning a total of 255,876 shares valued at approximately $44.98 million.
• The PNC Financial Services Group recently declared a quarterly dividend of $1.70 per share, up from its previous dividend of $1.60, reflecting a dividend yield of 3.6%.
• The company's quarterly earnings reported $3.85 EPS, surpassing estimates, while its revenue of $3.01 billion was noted to be up 4.6% year-over-year.

Public Sector Pension Investment Board grew its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 255,876 shares of the financial services provider's stock after buying an additional 2,967 shares during the period. Public Sector Pension Investment Board owned 0.06% of The PNC Financial Services Group worth $44,975,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. True Wealth Design LLC boosted its holdings in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares during the period. Cornerstone Planning Group LLC lifted its holdings in shares of The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares during the period. WealthPLAN Partners LLC grew its position in shares of The PNC Financial Services Group by 0.5% during the 1st quarter. WealthPLAN Partners LLC now owns 12,629 shares of the financial services provider's stock worth $2,220,000 after buying an additional 66 shares in the last quarter. Y.D. More Investments Ltd grew its position in shares of The PNC Financial Services Group by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 559 shares of the financial services provider's stock worth $98,000 after buying an additional 68 shares in the last quarter. Finally, Spire Wealth Management increased its stake in shares of The PNC Financial Services Group by 2.2% during the first quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider's stock valued at $573,000 after buying an additional 69 shares during the period. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded up $1.27 during trading hours on Thursday, reaching $194.67. The company had a trading volume of 1,086,596 shares, compared to its average volume of 2,350,238. The firm has a market cap of $76.66 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The business's 50 day moving average price is $188.32 and its 200-day moving average price is $179.84. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter in the prior year, the firm posted $3.39 earnings per share. The company's revenue was up 4.6% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current 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 given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PNC has been the subject of several recent research reports. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research note on Tuesday, July 8th. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Citigroup upped their price objective on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Barclays dropped their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $214.17.

The PNC Financial Services Group Company 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.