NJ State Employees Deferred Compensation Plan Boosts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

NJ State Employees Deferred Compensation Plan raised its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 48.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,900 shares of the financial services provider’s stock after acquiring an additional 3,900 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in The PNC Financial Services Group were worth $1,843,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of The PNC Financial Services Group by 6.7% in the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after purchasing an additional 893,808 shares during the last quarter. Invesco Ltd. boosted its holdings in The PNC Financial Services Group by 10.4% in the third quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock valued at $634,024,000 after purchasing an additional 484,475 shares during the last quarter. Northern Trust Corp boosted its stake in shares of The PNC Financial Services Group by 2.0% during the 3rd quarter. Northern Trust Corp now owns 4,702,020 shares of the financial services provider’s stock valued at $577,267,000 after buying an additional 93,636 shares during the last quarter. Morgan Stanley raised its holdings in The PNC Financial Services Group by 1.0% in the third quarter. Morgan Stanley now owns 3,858,980 shares of the financial services provider’s stock valued at $473,767,000 after acquiring an additional 36,362 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of The PNC Financial Services Group by 2.5% during the third quarter. Royal Bank of Canada now owns 3,327,229 shares of the financial services provider’s stock worth $408,485,000 after purchasing an additional 82,406 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PNC. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 30th. Jefferies Financial Group dropped their target price on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a report on Wednesday, April 17th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $152.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Bank of America raised their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group upped their price target on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $156.63.

The PNC Financial Services Group Price Performance

PNC traded down $0.19 during midday trading on Friday, reaching $156.11. 979,207 shares of the company’s stock were exchanged, compared to its average volume of 2,107,485. 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 business has a 50-day simple moving average of $152.61 and a two-hundred day simple moving average of $142.97. The firm has a market capitalization of $62.10 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.18. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter in the previous year, the company earned $3.98 EPS. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. As a group, research analysts predict that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.97%. 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.