Louisiana State Employees Retirement System Sells 700 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Louisiana State Employees Retirement System reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,500 shares of the financial services provider’s stock after selling 700 shares during the period. Louisiana State Employees Retirement System’s holdings in The PNC Financial Services Group were worth $3,498,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. &PARTNERS increased its holdings in The PNC Financial Services Group by 394.3% in the 2nd quarter. &PARTNERS now owns 29,488 shares of the financial services provider’s stock worth $4,592,000 after buying an additional 23,522 shares in the last quarter. Precedent Wealth Partners LLC bought a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $664,000. Hennessy Advisors Inc. purchased a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $1,322,000. Rockland Trust Co. raised its holdings in shares of The PNC Financial Services Group by 1.3% during the second quarter. Rockland Trust Co. now owns 11,571 shares of the financial services provider’s stock valued at $1,799,000 after purchasing an additional 146 shares during the last quarter. Finally, Vicus Capital lifted its position in The PNC Financial Services Group by 42.7% during the second quarter. Vicus Capital now owns 2,645 shares of the financial services provider’s stock valued at $411,000 after purchasing an additional 791 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares in the company, valued at approximately $86,900,760.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $167.50, for a total transaction of $208,035.00. Following the completion of the sale, the chief executive officer now owns 563,395 shares in the company, valued at approximately $94,368,662.50. The disclosure for this sale can be found here. Insiders have sold a total of 22,779 shares of company stock worth $3,971,833 in the last ninety days. 0.42% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on PNC shares. Barclays upped their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Citigroup upped their target price 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. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, UBS Group upped their price target on shares of 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $177.02.

The PNC Financial Services Group Stock Up 2.1 %

PNC stock traded up $3.63 during trading on Friday, hitting $178.55. 536,604 shares of the company’s stock traded hands, compared to its average volume of 1,897,572. The firm has a market capitalization of $70.97 billion, a P/E ratio of 14.80, a PEG ratio of 1.92 and a beta of 1.15. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $182.84. The business has a fifty day simple moving average of $166.84 and a two-hundred day simple moving average of $157.98.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate 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 business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the prior year, the firm posted $3.36 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts anticipate 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. Stockholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

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.