The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,769 shares of the financial services provider’s stock after selling 1,065 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in The PNC Financial Services Group were worth $2,176,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. International Assets Investment Management LLC raised its stake in The PNC Financial Services Group by 12,940.0% during the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after purchasing an additional 532,871 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of The PNC Financial Services Group by 160.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock worth $129,836,000 after buying an additional 433,178 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock worth $71,163,000 after buying an additional 276,200 shares during the period. Hsbc Holdings PLC boosted its holdings in The PNC Financial Services Group by 24.1% in the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after acquiring an additional 262,654 shares during the last quarter. Finally, Marshall Wace LLP grew its position in The PNC Financial Services Group by 5,419.9% during the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock valued at $40,277,000 after acquiring an additional 254,356 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $207.68 on Friday. The firm has a market cap of $82.40 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 2.17 and a beta of 1.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The business’s 50 day moving average is $188.25 and its two-hundred day moving average is $172.94. The PNC Financial Services Group, Inc. has a 52-week low of $127.08 and a 52-week high of $214.19.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the prior year, the company posted $3.60 earnings per share. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.08%. The PNC Financial Services Group’s payout ratio is 54.10%.

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 PNC Financial Services Group stock in a transaction 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 owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the sale, 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. Insiders sold a total of 26,546 shares of company stock valued at $5,277,493 over the last three months. 0.42% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of research reports. Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $185.00 to $200.00 in a report on Thursday, August 15th. The Goldman Sachs Group dropped their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Finally, Barclays upped their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $186.96.

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.