State Board of Administration of Florida Retirement System Has $52.09 Million Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

State Board of Administration of Florida Retirement System trimmed its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% during the first quarter, Holdings Channel.com reports. The firm owned 409,856 shares of the financial services provider’s stock after selling 19,310 shares during the period. State Board of Administration of Florida Retirement System’s holdings in The PNC Financial Services Group were worth $52,093,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. T. Rowe Price Investment Management Inc. raised its holdings in shares of The PNC Financial Services Group by 7.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after acquiring an additional 860,489 shares during the last quarter. FMR LLC raised its stake in shares of The PNC Financial Services Group by 5.8% in the first quarter. FMR LLC now owns 11,401,954 shares of the financial services provider’s stock worth $1,449,188,000 after purchasing an additional 623,952 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. Bank of America Corp DE now owns 9,264,839 shares of the financial services provider’s stock valued at $1,463,289,000 after purchasing an additional 36,414 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of The PNC Financial Services Group by 788.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,501,090 shares of the financial services provider’s stock valued at $1,080,490,000 after buying an additional 7,544,029 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in The PNC Financial Services Group by 2.4% during the first quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after buying an additional 171,876 shares in the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.

The PNC Financial Services Group Stock Down 1.0 %

Shares of PNC opened at $123.61 on Thursday. The firm has a market cap of $49.23 billion, a P/E ratio of 8.47, a P/E/G ratio of 1.06 and a beta of 1.15. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.82 and a quick ratio of 0.82. The PNC Financial Services Group, Inc. has a 1 year low of $110.31 and a 1 year high of $170.27. The stock has a 50 day simple moving average of $126.35 and a two-hundred day simple moving average of $126.16.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.05. The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.45 billion. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $3.42 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 13.5 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date of this dividend was Friday, July 14th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s dividend payout ratio is 42.49%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $186.00 to $176.00 in a report on Wednesday, July 19th. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $137.00 to $144.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 19th. Credit Suisse Group dropped their target price on shares of The PNC Financial Services Group from $145.00 to $135.00 in a research report on Wednesday, July 19th. HSBC started coverage on The PNC Financial Services Group in a research report on Thursday, September 7th. They set a “reduce” rating and a $110.00 price target for the company. Finally, Odeon Capital Group lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $158.94.

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 certificates of 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.