The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 36.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,305 shares of the financial services provider’s stock after selling 78,932 shares during the period. State of New Jersey Common Pension Fund D’s holdings in The PNC Financial Services Group were worth $21,348,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bank & Trust Co acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $26,000. ORG Partners LLC lifted its position in shares of The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 110 shares during the last quarter. LRI Investments LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $28,000. Palisade Asset Management LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $29,000. Finally, Core Wealth Advisors Inc. bought a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $31,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

PNC opened at $177.60 on Friday. The business’s 50 day moving average is $174.75 and its 200-day moving average is $161.44. The stock has a market cap of $70.67 billion, a PE ratio of 14.91, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. 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 PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $185.84.

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

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is 53.74%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group reduced their price target on shares of 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. Jefferies Financial Group raised their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Barclays raised their target price on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $176.90.

Insider Activity at The PNC Financial Services Group

In related news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total transaction of $227,497.14. Following the transaction, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. The disclosure for this sale can be found here. Insiders have sold 25,263 shares of company stock worth $4,418,109 over the last quarter. 0.42% of the stock is currently owned by company insiders.

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.