New York State Common Retirement Fund Sells 45,254 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

New York State Common Retirement Fund cut its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 750,628 shares of the financial services provider’s stock after selling 45,254 shares during the period. New York State Common Retirement Fund owned about 0.19% of The PNC Financial Services Group worth $116,235,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. OFI Invest Asset Management bought a new position in shares of The PNC Financial Services Group during the third quarter valued at $25,000. BKM Wealth Management LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $26,000. Tennessee Valley Asset Management Partners bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $26,000. Fortitude Family Office LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $28,000. Finally, Householder Group Estate & Retirement Specialist LLC boosted its stake in The PNC Financial Services Group by 350.0% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 140 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total value of $446,460.00. Following the sale, 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 legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Up 0.9 %

Shares of PNC stock traded up $1.34 during trading on Tuesday, reaching $157.27. The company’s stock had a trading volume of 478,530 shares, compared to its average volume of 2,126,943. The company has a market cap of $62.56 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.72 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 business has a fifty day moving average price of $152.03 and a 200-day moving average price of $142.51. 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 (NYSE:PNC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business 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 business earned $3.98 earnings per share. The PNC Financial Services Group’s quarterly revenue was down 8.2% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.94%. The PNC Financial Services Group’s payout ratio is 52.06%.

Analyst Upgrades and Downgrades

PNC has been the topic of several research reports. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price target for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. Jefferies Financial Group lowered their target price on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating for the company in a report on Wednesday, April 17th. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, April 18th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Bank of America lifted their price objective on shares of 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. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $156.63.

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.