Retirement Systems of Alabama Sells 2,259 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Retirement Systems of Alabama reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.5% in the 4th quarter, Holdings Channel reports. The fund owned 87,790 shares of the financial services provider’s stock after selling 2,259 shares during the quarter. Retirement Systems of Alabama’s holdings in The PNC Financial Services Group were worth $13,594,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Convergence Investment Partners LLC acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $213,000. Legacy Capital Wealth Partners LLC boosted its position in The PNC Financial Services Group by 16.9% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 4,582 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 662 shares during the last quarter. Transcend Capital Advisors LLC boosted its position in The PNC Financial Services Group by 2.8% during the fourth quarter. Transcend Capital Advisors LLC now owns 3,244 shares of the financial services provider’s stock valued at $502,000 after purchasing an additional 89 shares during the last quarter. Syon Capital LLC lifted its position in shares of The PNC Financial Services Group by 16.8% in the fourth quarter. Syon Capital LLC now owns 1,948 shares of the financial services provider’s stock valued at $302,000 after buying an additional 280 shares during the last quarter. Finally, NJ State Employees Deferred Compensation Plan lifted its position in shares of The PNC Financial Services Group by 48.8% in the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 11,900 shares of the financial services provider’s stock valued at $1,843,000 after buying an additional 3,900 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PNC. Evercore ISI cut their price objective on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Bank of America raised their price objective on The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. UBS Group raised their price objective on The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their target price for the company from $141.00 to $155.00 in a report on Thursday, March 28th. Finally, Morgan Stanley raised their target price on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a report on Tuesday, January 30th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $157.02.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now directly owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 0.4 %

NYSE PNC opened at $153.94 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $162.24. The company has a market cap of $61.24 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 1.73 and a beta of 1.16. The business’s fifty day moving average is $153.18 and its 200 day moving average is $144.07.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping the consensus estimate of $3.09 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.98 EPS. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.65 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s payout ratio is presently 52.06%.

The PNC Financial Services Group Company 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.