Kentucky Retirement Systems Insurance Trust Fund lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 38.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,550 shares of the financial services provider's stock after selling 7,293 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in The PNC Financial Services Group were worth $2,030,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of PNC. Vanguard Group Inc. increased its stake in shares of The PNC Financial Services Group by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock valued at $7,273,794,000 after acquiring an additional 268,827 shares during the period. Franklin Resources Inc. increased its stake in shares of The PNC Financial Services Group by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after acquiring an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock valued at $1,453,763,000 after acquiring an additional 726,115 shares during the period. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,352,151,000. Finally, Northern Trust Corp increased its stake in shares of The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after acquiring an additional 608,375 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.
Analyst Ratings Changes
A number of research firms recently commented on PNC. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. The Goldman Sachs Group cut their price target on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price target on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating for the company in a report on Wednesday, April 16th. Finally, TD Cowen started coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average price target of $202.67.
Check Out Our Latest Report on The PNC Financial Services Group
Insiders Place Their Bets
In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president now owns 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, April 4th. The shares were sold at an average price of $155.27, for a total transaction of $99,528.07. Following the sale, the chief executive officer now directly owns 564,174 shares of the company's stock, valued at $87,599,296.98. This trade represents a 0.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,670 shares of company stock worth $2,099,398. Corporate insiders own 0.41% of the company's stock.
The PNC Financial Services Group Trading Up 1.3%
NYSE PNC opened at $177.61 on Monday. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $70.26 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.49 and a beta of 1.06. The firm's 50 day moving average price is $169.10 and its two-hundred day moving average price is $180.78.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The firm had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group's payout ratio is 45.20%.
The PNC Financial Services Group Profile
(
Free Report)
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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