Retirement Systems of Alabama Reduces Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Retirement Systems of Alabama decreased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,790 shares of the financial services provider’s stock after selling 2,259 shares during the quarter. Retirement Systems of Alabama’s holdings in The PNC Financial Services Group were worth $13,594,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Convergence Investment Partners LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $213,000. Legacy Capital Wealth Partners LLC grew its holdings in shares of The PNC Financial Services Group by 16.9% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 4,582 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 662 shares during the period. Transcend Capital Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 2.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 3,244 shares of the financial services provider’s stock valued at $502,000 after purchasing an additional 89 shares during the period. Syon Capital LLC grew its holdings in shares of The PNC Financial Services Group by 16.8% in the fourth quarter. Syon Capital LLC now owns 1,948 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 280 shares during the period. Finally, NJ State Employees Deferred Compensation Plan grew its holdings in shares of The PNC Financial Services Group by 48.8% in the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 11,900 shares of the financial services provider’s stock valued at $1,843,000 after purchasing an additional 3,900 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4 %

Shares of PNC opened at $153.94 on Thursday. The company’s 50-day simple moving average is $153.18 and its 200-day simple moving average is $144.07. The stock has a market capitalization of $61.24 billion, a PE ratio of 12.93, a P/E/G ratio of 1.73 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $162.24. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm’s revenue was down 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.98 earnings per share. Analysts forecast that The PNC Financial Services Group, Inc. will post 12.65 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 4.03%. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Analysts Set New Price Targets

PNC has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a report on Tuesday, January 30th. Bank of America increased their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lowered their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Finally, UBS Group increased their target price on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $157.02.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now directly owns 36,570 shares in the company, valued at $5,442,347.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Company Profile

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.