Kentucky Retirement Systems Sells 2,293 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Kentucky Retirement Systems trimmed its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.6% in the third quarter, Holdings Channel.com reports. The fund owned 27,692 shares of the financial services provider’s stock after selling 2,293 shares during the quarter. Kentucky Retirement Systems’ holdings in The PNC Financial Services Group were worth $5,119,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank & Trust Co bought a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $26,000. ORG Partners LLC increased its position in shares of The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after buying an additional 110 shares during the period. LRI Investments LLC acquired a new position in The PNC Financial Services Group in the first quarter valued at $28,000. Y.D. More Investments Ltd bought a new stake in The PNC Financial Services Group during the second quarter valued at $33,000. Finally, Valley Wealth Managers Inc. grew its holdings in The PNC Financial Services Group by 20,000.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $176.15, for a total value of $218,778.30. Following the sale, the chief executive officer now owns 555,943 shares of the company’s stock, valued at approximately $97,929,359.45. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the transaction, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,546 shares of company stock valued at $5,277,493 in the last ninety days. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $207.68 on Friday. The PNC Financial Services Group, Inc. has a one year low of $127.08 and a one year high of $214.19. The company has a market cap of $82.40 billion, a P/E ratio of 17.56, a P/E/G ratio of 2.17 and a beta of 1.13. The firm has a 50-day moving average of $188.25 and a 200-day moving average of $172.94. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $3.60 EPS. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were paid a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.08%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Morgan Stanley increased their price target on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Barclays lifted their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI increased their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $186.96.

The PNC Financial Services Group 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.