The PNC Financial Services Group, Inc $PNC Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 125,625 shares of the financial services provider’s stock after selling 3,995 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in The PNC Financial Services Group were worth $26,222,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Quarry LP acquired a new position in The PNC Financial Services Group during the third quarter worth $25,000. Westfuller Advisors LLC acquired a new position in The PNC Financial Services Group during the third quarter worth $34,000. Beacon Financial Strategies CORP acquired a new position in The PNC Financial Services Group during the fourth quarter worth $35,000. JPL Wealth Management LLC acquired a new position in The PNC Financial Services Group during the third quarter worth about $37,000. Finally, Financial Life Planners acquired a new position in The PNC Financial Services Group during the third quarter worth about $39,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $223.25 on Friday. The PNC Financial Services Group, Inc has a one year low of $158.92 and a one year high of $243.94. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83. The company has a 50 day moving average price of $213.91 and a 200 day moving average price of $208.29. The firm has a market capitalization of $90.05 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the business posted $3.51 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. This represents a 79.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their target price on shares of 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. Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 target price for the company. Barclays lifted their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Finally, Truist Financial lifted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a “hold” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.72.

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.