North Dakota State Investment Board Invests $2.83 Million in The PNC Financial Services Group, Inc $PNC

North Dakota State Investment Board acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 13,552 shares of the financial services provider’s stock, valued at approximately $2,829,000.

Several other institutional investors have also modified their holdings of PNC. Viking Global Investors LP lifted its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 32.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock worth $889,297,000 after buying an additional 1,086,941 shares during the last quarter. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock worth $2,177,318,000 after buying an additional 609,755 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $123,940,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4%

PNC stock opened at $213.70 on Tuesday. The company has a fifty day moving average price of $213.50 and a 200 day moving average price of $210.97. The PNC Financial Services Group, Inc has a 12 month low of $169.32 and a 12 month high of $243.94. The company has a market cap of $85.82 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 0.88 and a beta of 0.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the firm earned $3.51 EPS. The PNC Financial Services Group’s revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PNC shares. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. TD Cowen upped their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Finally, Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the transaction, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares in the company, valued at $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 56,779 shares of company stock valued at $13,130,104. 0.38% of the stock is owned by company insiders.

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.