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

Public Sector Pension Investment Board lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 219,109 shares of the financial services provider’s stock after purchasing an additional 1,600 shares during the period. Public Sector Pension Investment Board’s holdings in The PNC Financial Services Group were worth $40,502,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PNC. Concurrent Investment Advisors LLC grew its stake in shares of The PNC Financial Services Group by 45.6% in the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock worth $1,185,000 after acquiring an additional 2,009 shares in the last quarter. BSN CAPITAL PARTNERS Ltd acquired a new position in The PNC Financial Services Group during the 3rd quarter worth $12,548,000. Bleakley Financial Group LLC increased its holdings in The PNC Financial Services Group by 9.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock worth $2,913,000 after purchasing an additional 1,299 shares during the period. Deerfield Management Company L.P. Series C acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $822,000. Finally, Manning & Napier Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $18,159,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $215.00 on Thursday. The firm’s fifty day simple moving average is $192.94 and its 200-day simple moving average is $175.90. The PNC Financial Services Group, Inc. has a 12 month low of $127.83 and a 12 month high of $216.18. The stock has a market capitalization of $85.31 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.22 and a beta of 1.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period in the previous year, the business posted $3.60 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 2.98%. The PNC Financial Services Group’s payout ratio is 54.10%.

Insider Buying and Selling 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 on Friday, October 4th. The shares were sold at an average price of $181.35, for a total value of $225,236.70. Following the transaction, the chief executive officer now directly owns 548,491 shares in the company, valued at $99,468,842.85. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at approximately $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,788 shares of company stock worth $5,573,027. 0.42% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PNC. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, The Goldman Sachs Group cut their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and an average price target of $189.15.

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.