The PNC Financial Services Group, Inc $PNC Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 111,856 shares of the financial services provider’s stock after buying an additional 4,400 shares during the quarter. State of Michigan Retirement System’s holdings in The PNC Financial Services Group were worth $20,852,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Saudi Central Bank acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at about $27,000. IMG Wealth Management Inc. acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Concord Wealth Partners lifted its holdings in shares of The PNC Financial Services Group by 144.9% in the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after buying an additional 100 shares during the period. Cornerstone Planning Group LLC raised its holdings in The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 65 shares during the period. Finally, WPG Advisers LLC purchased a new position in The PNC Financial Services Group during the first quarter worth approximately $36,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research report on Monday, September 29th. Stephens reiterated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Evercore ISI increased their price target on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Oppenheimer reiterated an “outperform” rating and set a $240.00 price target (up previously from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Finally, Bank of America increased their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $218.47.

The PNC Financial Services Group Trading Up 0.2%

Shares of The PNC Financial Services Group stock opened at $182.66 on Monday. The stock has a 50 day moving average of $195.95 and a 200 day moving average of $186.29. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The firm has a market capitalization of $71.93 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same period last year, the business posted $3.49 EPS. The PNC Financial Services Group’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

Insider Buying and Selling

In other news, EVP Guild Deborah sold 1,080 shares of the stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% 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.