South Dakota Investment Council Has $9.58 Million Position in The PNC Financial Services Group, Inc $PNC

South Dakota Investment Council trimmed its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 5.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,664 shares of the financial services provider’s stock after selling 2,500 shares during the quarter. South Dakota Investment Council’s holdings in The PNC Financial Services Group were worth $9,577,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of The PNC Financial Services Group by 1.4% during the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock worth $7,174,760,000 after buying an additional 521,455 shares in the last quarter. Geode Capital Management LLC grew its position in The PNC Financial Services Group by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider’s stock worth $1,628,302,000 after acquiring an additional 93,346 shares during the last quarter. Norges Bank acquired a new position in The PNC Financial Services Group in the 2nd quarter worth about $1,477,836,000. Invesco Ltd. raised its position in The PNC Financial Services Group by 0.5% in the second quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after purchasing an additional 26,798 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in The PNC Financial Services Group by 134.9% in the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after purchasing an additional 1,917,530 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

PNC has been the topic of several research reports. TD Cowen boosted their price target on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Finally, JPMorgan Chase & Co. raised their target price on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Fifteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $213.19 on Wednesday. The firm has a market cap of $85.99 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 0.89 and a beta of 0.98. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The business’s 50 day moving average price is $222.33 and its two-hundred day moving average price is $204.81. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter last year, the firm posted $3.77 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. On average, equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.41% of the stock is currently owned by corporate insiders.

About The PNC Financial Services Group

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.