State of Michigan Retirement System Increases Stock Holdings in The PNC Financial Services Group, Inc $PNC

State of Michigan Retirement System lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 112,156 shares of the financial services provider’s stock after purchasing an additional 2,900 shares during the quarter. State of Michigan Retirement System’s holdings in The PNC Financial Services Group were worth $23,339,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $1,967,080,000. Viking Global Investors LP increased its stake in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC lifted its position in The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after acquiring an additional 2,382,552 shares during the period. Deutsche Bank AG boosted its stake in The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after acquiring an additional 1,994,431 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Jefferies Financial Group started coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. Bank of America boosted their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Oppenheimer upped their price target on The PNC Financial Services Group from $268.00 to $271.00 and gave the company an “outperform” rating in a report on Tuesday, June 30th. Finally, Barclays increased their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.09.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last quarter. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 0.4%

NYSE:PNC opened at $251.77 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.22. The company has a market cap of $101.10 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.04 and a beta of 0.91. The company has a 50 day simple moving average of $231.10 and a two-hundred day simple moving average of $222.68.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.51 EPS. Research analysts forecast that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a $2.00 dividend. The ex-dividend date is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.