IBM Retirement Fund reduced its stake in shares of PNC Financial Services Group Inc (NYSE:PNC) by 15.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,605 shares of the financial services provider’s stock after selling 1,412 shares during the quarter. IBM Retirement Fund’s holdings in PNC Financial Services Group were worth $1,036,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TRUE Private Wealth Advisors acquired a new position in shares of PNC Financial Services Group in the third quarter valued at about $127,000. Moneta Group Investment Advisors LLC acquired a new position in shares of PNC Financial Services Group in the second quarter valued at about $143,000. Landaas & Co. WI ADV acquired a new position in shares of PNC Financial Services Group in the second quarter valued at about $147,000. Archford Capital Strategies LLC increased its holdings in shares of PNC Financial Services Group by 197.0% in the second quarter. Archford Capital Strategies LLC now owns 1,090 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 723 shares during the period. Finally, Kaizen Advisory LLC increased its holdings in shares of PNC Financial Services Group by 147.8% in the second quarter. Kaizen Advisory LLC now owns 1,150 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 686 shares during the period. Hedge funds and other institutional investors own 80.29% of the company’s stock.

Several analysts recently commented on the company. ValuEngine raised PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. UBS Group set a $137.00 target price on PNC Financial Services Group and gave the stock a “hold” rating in a report on Monday, October 15th. Nomura dropped their target price on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a report on Monday, October 15th. BMO Capital Markets dropped their target price on PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a report on Monday, October 15th. They noted that the move was a valuation call. Finally, Morgan Stanley dropped their target price on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a report on Monday, October 15th. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $155.50.

Shares of PNC stock opened at $132.77 on Tuesday. The company has a market cap of $61.94 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 1.32 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.11. PNC Financial Services Group Inc has a 12-month low of $116.55 and a 12-month high of $163.59.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.09. The company had revenue of $4.36 billion for the quarter, compared to the consensus estimate of $4.32 billion. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. During the same quarter in the prior year, the business posted $2.16 earnings per share. On average, research analysts predict that PNC Financial Services Group Inc will post 10.76 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were given a dividend of $0.95 per share. The ex-dividend date was Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a yield of 2.86%. PNC Financial Services Group’s dividend payout ratio is currently 44.71%.

PNC Financial Services Group declared that its Board of Directors has initiated a share repurchase program on Thursday, November 8th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 1.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the transaction, the executive vice president now owns 131,020 shares in the company, valued at $18,406,999.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

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PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Read More: Why is the ex-dividend date different from the record date?

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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