Kentucky Retirement Systems Has $4.89 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Kentucky Retirement Systems reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC increased its stake in The PNC Financial Services Group by 23.3% in the 1st quarter. V Square Quantitative Management LLC now owns 8,483 shares of the financial services provider’s stock valued at $1,371,000 after buying an additional 1,604 shares during the last quarter. Trust Point Inc. acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at $459,000. McGlone Suttner Wealth Management Inc. acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at $295,000. Cerity Partners LLC increased its stake in The PNC Financial Services Group by 15.0% in the 4th quarter. Cerity Partners LLC now owns 112,831 shares of the financial services provider’s stock valued at $17,472,000 after buying an additional 14,750 shares during the last quarter. Finally, Vaughan David Investments LLC IL grew its position in shares of The PNC Financial Services Group by 5.7% in the 4th quarter. Vaughan David Investments LLC IL now owns 251,447 shares of the financial services provider’s stock valued at $38,937,000 after acquiring an additional 13,648 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Up 0.7 %

PNC traded up $1.21 during trading on Friday, reaching $181.21. 1,824,138 shares of the company’s stock were exchanged, compared to its average volume of 2,051,447. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $182.51. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $72.11 billion, a PE ratio of 15.21, a price-to-earnings-growth ratio of 2.33 and a beta of 1.15. The firm has a fifty day moving average price of $159.91 and a two-hundred day moving average price of $155.09.

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 for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the firm posted $3.36 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be paid a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Insider Activity

In other news, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total value of $384,640.00. Following the sale, the chief executive officer now directly owns 564,637 shares of the company’s stock, valued at approximately $90,341,920. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 19th. The shares were sold at an average price of $176.67, for a total transaction of $219,424.14. Following the transaction, the chief executive officer now directly owns 562,153 shares of the company’s stock, valued at $99,315,570.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total transaction of $384,640.00. Following the transaction, the chief executive officer now directly owns 564,637 shares in the company, valued at $90,341,920. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,661 shares of company stock valued at $1,242,250. 0.42% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PNC. UBS Group lifted their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Morgan Stanley cut their price objective on shares of The PNC Financial Services Group from $167.00 to $165.00 and set an “underweight” rating for the company in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price objective on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group boosted their price objective on shares of The PNC Financial Services Group from $165.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Finally, Citigroup boosted their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $175.34.

About The PNC Financial Services Group

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.