Kentucky Retirement Systems Increases Stock Position in The PNC Financial Services Group, Inc $PNC

Kentucky Retirement Systems lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 77.1% in the first quarter, HoldingsChannel.com reports. The fund owned 43,932 shares of the financial services provider’s stock after purchasing an additional 19,124 shares during the period. Kentucky Retirement Systems’ holdings in The PNC Financial Services Group were worth $9,142,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC grew its holdings in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after acquiring an additional 170 shares during the period. Sivia Capital Partners LLC grew its holdings in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after acquiring an additional 1,449 shares during the period. Treasurer of the State of North Carolina increased its position in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after acquiring an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in The PNC Financial Services Group during the second quarter valued at $482,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PNC has been the topic of several research reports. Keefe, Bruyette & Woods raised their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Truist Financial upped their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Argus raised their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Barclays boosted their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $248.46 on Thursday. The company has a market capitalization of $99.77 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The business’s fifty day moving average is $239.02 and its 200 day moving average is $225.62. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.66 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 earnings per share. The business’s quarterly revenue was up 21.4% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is owned by corporate insiders.

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.