Kentucky Retirement Systems Grows Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Kentucky Retirement Systems boosted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 4.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,104 shares of the financial services provider’s stock after purchasing an additional 1,409 shares during the quarter. Kentucky Retirement Systems’ holdings in The PNC Financial Services Group were worth $4,797,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in The PNC Financial Services Group by 0.5% during the third quarter. Vanguard Group Inc. now owns 37,505,547 shares of the financial services provider’s stock valued at $5,604,078,000 after purchasing an additional 198,950 shares in the last quarter. State Street Corp raised its stake in The PNC Financial Services Group by 3.3% during the third quarter. State Street Corp now owns 18,436,065 shares of the financial services provider’s stock valued at $2,754,717,000 after purchasing an additional 595,811 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in The PNC Financial Services Group by 21.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock valued at $2,116,282,000 after purchasing an additional 2,373,814 shares in the last quarter. Northern Trust Corp raised its stake in The PNC Financial Services Group by 2.3% during the second quarter. Northern Trust Corp now owns 4,951,908 shares of the financial services provider’s stock valued at $781,263,000 after purchasing an additional 110,218 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in The PNC Financial Services Group by 4.5% during the third quarter. Bank of New York Mellon Corp now owns 3,608,052 shares of the financial services provider’s stock valued at $539,114,000 after purchasing an additional 155,964 shares in the last quarter. Hedge funds and other institutional investors own 82.05% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of The PNC Financial Services Group from $178.00 to $163.00 and set an “underweight” rating on the stock in a research note on Thursday, January 19th. Barclays reduced their target price on shares of The PNC Financial Services Group from $222.00 to $218.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 3rd. StockNews.com downgraded shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their target price for the company from $200.00 to $190.00 in a research note on Friday, January 6th. Finally, Bank of America downgraded shares of The PNC Financial Services Group from a “neutral” rating to an “underperform” rating and increased their target price for the company from $157.00 to $160.00 in a research note on Thursday, January 5th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $180.36.

The PNC Financial Services Group Stock Up 0.4 %

Shares of The PNC Financial Services Group stock opened at $130.53 on Wednesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.79 and a quick ratio of 0.79. The PNC Financial Services Group, Inc. has a 1 year low of $124.21 and a 1 year high of $199.43. The firm’s 50-day moving average is $157.37 and its two-hundred day moving average is $157.59. The stock has a market cap of $52.17 billion, a price-to-earnings ratio of 9.41, a PEG ratio of 2.02 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last issued its earnings results on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.95 by ($0.46). The PNC Financial Services Group had a return on equity of 12.88% and a net margin of 25.73%. The business had revenue of $5.76 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the company earned $2.86 earnings per share. The firm’s revenue was up 12.4% on a year-over-year basis. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 14.66 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, February 5th. Shareholders of record on Tuesday, January 17th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 4.60%. The ex-dividend date of this dividend was Friday, January 13th. The PNC Financial Services Group’s payout ratio is 43.26%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak purchased 1,000 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was acquired at an average cost of $129.70 per share, with a total value of $129,700.00. Following the completion of the transaction, the chief executive officer now owns 525,349 shares in the company, valued at approximately $68,137,765.30. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO William S. Demchak purchased 1,000 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was acquired at an average cost of $129.70 per share, with a total value of $129,700.00. Following the completion of the transaction, the chief executive officer now owns 525,349 shares in the company, valued at approximately $68,137,765.30. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak acquired 6,550 shares of the firm’s stock in a transaction that occurred on Friday, January 20th. The stock was bought at an average cost of $153.38 per share, with a total value of $1,004,639.00. Following the completion of the transaction, the chief executive officer now directly owns 482,924 shares in the company, valued at $74,070,883.12. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.

The PNC Financial Services Group Profile

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.