Teachers Retirement System of The State of Kentucky Takes Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Teachers Retirement System of The State of Kentucky bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 39,064 shares of the financial services provider’s stock, valued at approximately $5,837,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Dorsey & Whitney Trust CO LLC increased its position in The PNC Financial Services Group by 1.1% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 5,608 shares of the financial services provider’s stock worth $885,000 after buying an additional 61 shares during the period. Magnus Financial Group LLC grew its position in shares of The PNC Financial Services Group by 2.7% during the second quarter. Magnus Financial Group LLC now owns 2,319 shares of the financial services provider’s stock worth $366,000 after acquiring an additional 62 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of The PNC Financial Services Group by 1.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 4,417 shares of the financial services provider’s stock valued at $660,000 after acquiring an additional 62 shares during the period. Calamos Wealth Management LLC raised its position in The PNC Financial Services Group by 3.6% in the 3rd quarter. Calamos Wealth Management LLC now owns 1,820 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 64 shares during the last quarter. Finally, Dividend Assets Capital LLC boosted its stake in The PNC Financial Services Group by 17.6% during the 3rd quarter. Dividend Assets Capital LLC now owns 441 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 66 shares during the period. 82.05% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Down 4.9 %

Shares of The PNC Financial Services Group stock opened at $123.72 on Friday. The company has a 50-day moving average of $155.20 and a two-hundred day moving average of $156.92. The PNC Financial Services Group, Inc. has a 12-month low of $120.95 and a 12-month high of $199.43. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.28. The stock has a market cap of $49.45 billion, a PE ratio of 8.92, a price-to-earnings-growth ratio of 1.10 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC – Get Rating) last issued its quarterly earnings data on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.95 by ($0.46). The PNC Financial Services Group had a return on equity of 12.88% and a net margin of 25.73%. The firm had revenue of $5.76 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the firm posted $2.86 earnings per share. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 14.66 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, February 5th. Shareholders of record on Tuesday, January 17th were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Friday, January 13th. This represents a $6.00 annualized dividend and a yield of 4.85%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.26%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PNC shares. Piper Sandler lifted their price objective on shares of The PNC Financial Services Group from $150.00 to $164.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th. Credit Suisse Group lowered their price target on The PNC Financial Services Group from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Thursday, January 19th. UBS Group lowered The PNC Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $190.00 to $176.00 in a report on Tuesday, January 10th. Odeon Capital Group raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $176.27 price target on the stock in a report on Tuesday, January 10th. Finally, Citigroup raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and set a $175.00 price target on the stock in a report on Monday, March 13th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $180.36.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak purchased 1,000 shares of the stock in a transaction dated Monday, March 13th. The shares were acquired at an average cost of $129.70 per share, for a total transaction of $129,700.00. Following the completion of the transaction, the chief executive officer now directly owns 525,349 shares of the company’s stock, valued at $68,137,765.30. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, CEO William S. Demchak acquired 6,550 shares of the company’s stock in a transaction that occurred on Friday, January 20th. The stock was purchased at an average price of $153.38 per share, for a total transaction of $1,004,639.00. Following the transaction, the chief executive officer now owns 482,924 shares in the company, valued at approximately $74,070,883.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak bought 1,000 shares of The PNC Financial Services Group stock in a transaction on Monday, March 13th. The stock was purchased at an average price of $129.70 per share, for a total transaction of $129,700.00. Following the completion of the acquisition, the chief executive officer now owns 525,349 shares in the company, valued at approximately $68,137,765.30. The disclosure for this purchase can be found here. 0.34% of the stock is currently owned by company insiders.

The PNC Financial Services Group Profile

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The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate and Institutional Banking, Asset Management Group, and Other. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.