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

Kentucky Retirement Systems reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 30,227 shares of the financial services provider’s stock after selling 1,645 shares during the period. Kentucky Retirement Systems’ holdings in The PNC Financial Services Group were worth $4,885,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Advisory Services LLC lifted its holdings in shares of The PNC Financial Services Group by 6.6% in the 1st quarter. Kestra Advisory Services LLC now owns 100,781 shares of the financial services provider’s stock valued at $16,286,000 after purchasing an additional 6,254 shares during the last quarter. LRI Investments LLC purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at approximately $243,000. Canada Pension Plan Investment Board raised its stake in The PNC Financial Services Group by 43.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 287,126 shares of the financial services provider’s stock valued at $46,400,000 after acquiring an additional 87,621 shares during the last quarter. Capital International Sarl raised its stake in The PNC Financial Services Group by 122.4% during the 1st quarter. Capital International Sarl now owns 15,917 shares of the financial services provider’s stock valued at $2,572,000 after acquiring an additional 8,760 shares during the last quarter. Finally, Capital International Inc. CA raised its stake in The PNC Financial Services Group by 26.7% during the 1st quarter. Capital International Inc. CA now owns 10,269 shares of the financial services provider’s stock valued at $1,659,000 after acquiring an additional 2,161 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $176.67, for a total transaction of $219,424.14. Following the completion of the transaction, the chief executive officer now owns 562,153 shares of the company’s stock, valued at $99,315,570.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $176.67, for a total transaction of $219,424.14. Following the sale, the chief executive officer now owns 562,153 shares in the company, valued at $99,315,570.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the sale, the chief executive officer now owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,661 shares of company stock valued at $1,242,250. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $1.21 on Friday, reaching $181.21. The stock had a trading volume of 1,824,138 shares, compared to its average volume of 2,051,447. The firm has a market capitalization of $72.11 billion, a PE ratio of 15.21, a PEG ratio of 2.33 and a beta of 1.15. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The firm has a 50-day moving average of $159.91 and a 200 day moving average of $155.09. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $182.51.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.00 by $0.30. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $3.36 earnings per share. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 13 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be given a dividend of $1.60 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.40 annualized dividend and a yield of 3.53%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Analyst Upgrades and Downgrades

Several research firms have commented on PNC. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Evercore ISI upped their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Bank of America upped their price objective on The PNC Financial Services Group from $169.00 to $185.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. UBS Group boosted their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $175.34.

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.