Teachers Retirement System of The State of Kentucky Cuts Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Teachers Retirement System of The State of Kentucky reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,069 shares of the financial services provider’s stock after selling 1,861 shares during the period. 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 recently modified their holdings of PNC. Diversified Trust Co lifted its stake in shares of The PNC Financial Services Group by 27.6% in the 2nd quarter. Diversified Trust Co now owns 3,665 shares of the financial services provider’s stock worth $570,000 after purchasing an additional 793 shares during the period. ORG Partners LLC grew its position in shares of The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 110 shares during the period. GPS Wealth Strategies Group LLC bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $38,000. Assenagon Asset Management S.A. grew its position in shares of The PNC Financial Services Group by 448.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 269,206 shares of the financial services provider’s stock valued at $41,856,000 after acquiring an additional 220,110 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of The PNC Financial Services Group by 73.6% in the 2nd quarter. Blue Trust Inc. now owns 3,586 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 1,520 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on PNC shares. Morgan Stanley boosted their price target on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, October 16th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. The Goldman Sachs Group increased their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Stephens increased their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI boosted their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $198.02.

The PNC Financial Services Group Trading Down 0.5 %

Shares of PNC opened at $202.31 on Friday. The stock has a market capitalization of $80.27 billion, a PE ratio of 17.10, a P/E/G ratio of 2.13 and a beta of 1.15. The company’s fifty day moving average is $197.98 and its 200 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 issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during 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 business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $3.60 EPS. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.16%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Insider Activity

In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This represents a 48.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was 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 29,030 shares of company stock valued at $5,873,691 in the last ninety days. Insiders own 0.42% of the company’s stock.

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.