South Dakota Investment Council Sells 15,025 Shares of The PNC Financial Services Group, Inc $PNC

South Dakota Investment Council lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 30.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,939 shares of the financial services provider’s stock after selling 15,025 shares during the period. South Dakota Investment Council’s holdings in The PNC Financial Services Group were worth $7,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in PNC. IFS Group LLC purchased a new stake in shares of The PNC Financial Services Group during the first quarter valued at about $312,000. EverSource Wealth Advisors LLC grew its position in shares of The PNC Financial Services Group by 12.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 8,249 shares of the financial services provider’s stock worth $1,717,000 after buying an additional 899 shares during the last quarter. Royal Bank of Canada grew its position in shares of The PNC Financial Services Group by 15.7% in the 1st quarter. Royal Bank of Canada now owns 3,293,564 shares of the financial services provider’s stock worth $685,358,000 after buying an additional 447,444 shares during the last quarter. Empowered Funds LLC raised its stake in shares of The PNC Financial Services Group by 47.1% during the 1st quarter. Empowered Funds LLC now owns 47,636 shares of the financial services provider’s stock worth $9,913,000 after acquiring an additional 15,252 shares in the last quarter. Finally, KCM Investment Advisors LLC raised its stake in shares of The PNC Financial Services Group by 11.1% during the 1st quarter. KCM Investment Advisors LLC now owns 1,955 shares of the financial services provider’s stock worth $407,000 after acquiring an additional 196 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $248.74 on Friday. The firm has a market capitalization of $99.89 billion, a P/E ratio of 13.69, a PEG ratio of 0.99 and a beta of 0.91. The stock has a 50-day simple moving average of $239.63 and a two-hundred day simple moving average of $225.84. 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 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 posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period in the previous year, the firm earned $3.85 EPS. The business’s quarterly revenue was up 21.4% on a year-over-year basis. On average, equities analysts forecast 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders 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 is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Analysts Set New Price Targets

Several equities analysts have issued reports on PNC shares. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Truist Financial raised their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. UBS Group boosted their target price on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Stephens increased their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company’s stock.

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.