State of Michigan Retirement System Purchases 2,900 Shares of The PNC Financial Services Group, Inc $PNC

State of Michigan Retirement System lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,156 shares of the financial services provider’s stock after acquiring an additional 2,900 shares during the period. State of Michigan Retirement System’s holdings in The PNC Financial Services Group were worth $23,339,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PNC. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PNC shares. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. UBS Group lifted their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Barclays raised their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $258.09.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $251.77 on Wednesday. The firm has a fifty day simple moving average of $231.10 and a two-hundred day simple moving average of $222.68. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $101.10 billion, a P/E ratio of 14.63, a PEG ratio of 1.04 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (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 for the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the company earned $3.51 EPS. The business’s revenue was up 13.1% compared to the same quarter last year. On average, analysts expect that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

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.