State of Michigan Retirement System Decreases Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

State of Michigan Retirement System reduced its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 107,656 shares of the financial services provider’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in The PNC Financial Services Group were worth $20,761,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PNC. Chicago Partners Investment Group LLC grew its position in shares of The PNC Financial Services Group by 23.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,470 shares of the financial services provider’s stock valued at $465,000 after buying an additional 470 shares during the last quarter. Van ECK Associates Corp lifted its position in The PNC Financial Services Group by 19.4% in the third quarter. Van ECK Associates Corp now owns 99,558 shares of the financial services provider’s stock valued at $18,738,000 after acquiring an additional 16,154 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in The PNC Financial Services Group by 15.3% in the third quarter. Robeco Institutional Asset Management B.V. now owns 67,361 shares of the financial services provider’s stock valued at $12,452,000 after acquiring an additional 8,957 shares in the last quarter. National Pension Service grew its holdings in shares of The PNC Financial Services Group by 15.6% during the third quarter. National Pension Service now owns 956,637 shares of the financial services provider’s stock worth $176,834,000 after purchasing an additional 129,172 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of The PNC Financial Services Group by 1.5% during the third quarter. Asset Management One Co. Ltd. now owns 155,119 shares of the financial services provider’s stock worth $28,674,000 after purchasing an additional 2,251 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $203.06, for a total value of $252,200.52. Following the sale, the chief executive officer now owns 531,281 shares of the company’s stock, valued at approximately $107,881,919.86. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 13,662 shares of company stock worth $2,681,664. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Down 4.9 %

PNC opened at $180.27 on Wednesday. The business has a 50 day simple moving average of $195.06 and a 200-day simple moving average of $192.83. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26. The stock has a market capitalization of $71.34 billion, a P/E ratio of 13.11, a P/E/G ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.16 EPS. On average, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.55%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Wall Street Analyst Weigh In

PNC has been the topic of a number of research reports. Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Truist Financial raised their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. The Goldman Sachs Group lifted their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Citigroup lifted their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $205.00.

The PNC Financial Services Group 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.