Police & Firemen s Retirement System of New Jersey Purchases 2,406 Shares of The PNC Financial Services Group, Inc $PNC

Police & Firemen s Retirement System of New Jersey grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,100 shares of the financial services provider’s stock after purchasing an additional 2,406 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in The PNC Financial Services Group were worth $11,204,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Avior Wealth Management LLC increased its holdings in The PNC Financial Services Group by 4.5% in the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 52 shares during the period. Rockland Trust Co. increased its position in shares of The PNC Financial Services Group by 0.5% during the second quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock worth $1,957,000 after buying an additional 53 shares during the period. Almanack Investment Partners LLC. boosted its position in The PNC Financial Services Group by 2.3% during the second quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock valued at $454,000 after acquiring an additional 55 shares during the last quarter. Winthrop Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 2.1% in the 2nd quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock valued at $488,000 after purchasing an additional 55 shares during the period. Finally, Rosenberg Matthew Hamilton grew its stake in The PNC Financial Services Group by 15.0% during the second quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 56 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $183.96 on Friday. The company’s 50 day simple moving average is $192.10 and its two-hundred day simple moving average is $187.68. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The stock has a market capitalization of $72.14 billion, a PE ratio of 11.88, a P/E/G ratio of 1.26 and a beta of 1.12.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter in the prior year, the firm posted $3.49 earnings per share. The business’s quarterly revenue was up 8.9% on a year-over-year basis. Analysts predict 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, November 5th. Shareholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s payout ratio is presently 43.93%.

Insiders Place Their Bets

In other news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. The trade was a 14.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,151 shares of company stock worth $400,092 in the last three months. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of research reports. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Wednesday, October 8th. Bank of America boosted their target price on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, July 17th. Stephens reiterated an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Truist Financial lifted their price target on The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Finally, Cfra Research raised The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $218.47.

About The PNC Financial Services Group

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.