Teachers Retirement System of The State of Kentucky Trims Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Teachers Retirement System of The State of Kentucky trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,069 shares of the financial services provider’s stock after selling 1,861 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in The PNC Financial Services Group were worth $5,558,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PNC. Diversified Trust Co lifted its stake in The PNC Financial Services Group by 27.6% in the second quarter. Diversified Trust Co now owns 3,665 shares of the financial services provider’s stock worth $570,000 after acquiring an additional 793 shares during the period. ORG Partners LLC raised its position in shares of The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 110 shares in the last quarter. GPS Wealth Strategies Group LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $38,000. Assenagon Asset Management S.A. grew its holdings in The PNC Financial Services Group by 448.3% in the second quarter. Assenagon Asset Management S.A. now owns 269,206 shares of the financial services provider’s stock worth $41,856,000 after purchasing an additional 220,110 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in The PNC Financial Services Group by 73.6% during the 2nd quarter. Blue Trust Inc. now owns 3,586 shares of the financial services provider’s stock worth $579,000 after buying an additional 1,520 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their price target on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 16th. Barclays raised their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group boosted their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $198.02.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $202.31 on Friday. The company has a market capitalization of $80.27 billion, a P/E ratio of 17.10, a P/E/G ratio of 2.13 and a beta of 1.15. The business’s 50-day moving average is $197.98 and its two-hundred day moving average is $179.45. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a fifty-two week low of $139.69 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the business earned $3.60 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. Research analysts predict that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors 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 annualized dividend and a dividend yield of 3.16%. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $209.24, for a total transaction of $259,876.08. Following the completion of the transaction, the chief executive officer now directly owns 532,523 shares of the company’s stock, valued at $111,425,112.52. This represents a 0.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the transaction, the director now owns 38,649 shares in the company, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,030 shares of company stock valued at $5,873,691. 0.42% of the stock is owned by company insiders.

About The PNC Financial Services Group

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.