State of New Jersey Common Pension Fund D Decreases Stock Holdings in The PNC Financial Services Group, Inc $PNC

State of New Jersey Common Pension Fund D reduced its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 125,625 shares of the financial services provider’s stock after selling 3,995 shares during the period. State of New Jersey Common Pension Fund D’s holdings in The PNC Financial Services Group were worth $26,222,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares during the period. State Street Corp grew its stake in The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock worth $3,464,462,000 after buying an additional 85,291 shares during the period. Capital International Investors grew its stake in The PNC Financial Services Group by 6.0% during the third 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 period. Viking Global Investors LP grew its stake in The PNC Financial Services Group by 234.9% during the third 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 period. Finally, AQR Capital Management LLC grew its stake in The PNC Financial Services Group by 32.6% during the third 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 period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity 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 stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This represents a 10.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $223.25 on Friday. The company has a market capitalization of $90.05 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96. The firm has a fifty day simple moving average of $213.91 and a 200-day simple moving average of $208.29. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00. The PNC Financial Services Group, Inc has a twelve month low of $158.92 and a twelve month high of $243.94.

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 for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.51 earnings per share. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PNC shares. JPMorgan Chase & Co. boosted their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday. Barclays boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Bank of America boosted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Finally, Oppenheimer upped their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $241.72.

About The PNC Financial Services Group

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.