20,600 Shares in The PNC Financial Services Group, Inc $PNC Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 1st quarter, Holdings Channel.com reports. The firm acquired 20,600 shares of the financial services provider’s stock, valued at approximately $4,287,000.

Several other institutional investors also recently made changes to their positions in the stock. US Bancorp DE boosted its stake in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after acquiring an additional 34,009 shares in the last quarter. Truist Financial Corp increased its stake in The PNC Financial Services Group by 3.3% in the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after purchasing an additional 39,589 shares in the last quarter. Vanguard Group Inc. increased its stake in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. Teamwork Financial Advisors LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth $13,711,000. Finally, Stoneridge Investment Partners LLC raised its holdings in The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after purchasing an additional 8,818 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

PNC opened at $245.61 on Friday. The company’s 50 day simple moving average is $224.53 and its 200 day simple moving average is $219.12. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $249.01. The stock has a market capitalization of $98.63 billion, a PE ratio of 14.27, a P/E/G ratio of 1.01 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.51 earnings per share. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.81 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.8%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 48,300 shares of company stock worth $10,694,574 in the last ninety days. Insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Morgan Stanley upped their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Barclays raised their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Finally, Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $247.39.

The PNC Financial Services Group Company Profile

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.