Public Sector Pension Investment Board Grows Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Public Sector Pension Investment Board boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 217,509 shares of the financial services provider’s stock after buying an additional 4,880 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.05% of The PNC Financial Services Group worth $33,818,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PNC. Capital International Investors lifted its stake in The PNC Financial Services Group by 0.5% during the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock worth $2,556,195,000 after purchasing an additional 78,407 shares during the last quarter. Capital Research Global Investors grew its position in shares of The PNC Financial Services Group by 19.5% in the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after buying an additional 778,264 shares during the last quarter. Putnam Investments LLC lifted its position in The PNC Financial Services Group by 3.2% in the fourth quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock valued at $568,662,000 after acquiring an additional 114,960 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of The PNC Financial Services Group by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider’s stock worth $346,926,000 after purchasing an additional 100,993 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,548,543 shares of the financial services provider’s stock valued at $239,792,000 after purchasing an additional 6,657 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 0.4 %

PNC stock opened at $186.36 on Monday. The firm has a market cap of $74.15 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 2.00 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $187.78. The firm has a fifty day moving average price of $177.11 and a two-hundred day moving average price of $163.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the business posted $3.36 EPS. The PNC Financial Services Group’s revenue was up 2.2% on a year-over-year basis. Research analysts predict that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.43%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Analyst Ratings Changes

Several research firms have commented on PNC. UBS Group lifted their price target 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. Barclays raised their price objective on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Jefferies Financial Group upped their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $176.90.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the transaction, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the transaction, the chief executive officer now directly owns 554,701 shares in the company, valued at $101,604,582.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares in the company, valued at $86,900,760.56. The disclosure for this sale can be found here. Insiders have sold a total of 24,622 shares of company stock worth $4,319,914 in the last three months. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group 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.