State Board of Administration of Florida Retirement System boosted its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 1.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 674,834 shares of the financial services provider’s stock after acquiring an additional 11,294 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in PNC Financial Services Group were worth $91,170,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of PNC. Stelac Advisory Services LLC purchased a new position in PNC Financial Services Group during the first quarter valued at approximately $102,000. Braun Bostich & Associates Inc. purchased a new position in PNC Financial Services Group during the first quarter valued at approximately $105,000. McKinley Carter Wealth Services Inc. purchased a new position in PNC Financial Services Group during the first quarter valued at approximately $150,000. Kaizen Advisory LLC increased its holdings in PNC Financial Services Group by 147.8% during the second quarter. Kaizen Advisory LLC now owns 1,150 shares of the financial services provider’s stock valued at $155,000 after buying an additional 686 shares during the period. Finally, Atlas Capital Advisors LLC increased its holdings in PNC Financial Services Group by 75.6% during the second quarter. Atlas Capital Advisors LLC now owns 1,171 shares of the financial services provider’s stock valued at $166,000 after buying an additional 504 shares during the period. 80.98% of the stock is currently owned by institutional investors.
In other news, insider Michael J. Hannon sold 5,247 shares of PNC Financial Services Group stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $141.38, for a total transaction of $741,820.86. Following the completion of the sale, the insider now directly owns 58,239 shares in the company, valued at $8,233,829.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Wyk Steven C. Van sold 15,000 shares of PNC Financial Services Group stock in a transaction on Tuesday, July 17th. The stock was sold at an average price of $141.09, for a total transaction of $2,116,350.00. The disclosure for this sale can be found here. Insiders have sold 34,247 shares of company stock valued at $4,830,351 over the last quarter. Insiders own 0.38% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Monday, August 6th. Shareholders of record on Tuesday, July 17th were paid a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.65%. This is an increase from PNC Financial Services Group’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, July 16th. PNC Financial Services Group’s dividend payout ratio (DPR) is 44.71%.
Separately, Bank of America raised their target price on shares of PNC Financial Services Group from $166.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, May 4th. Eighteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $150.87.
About PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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