The PNC Financial Services Group, Inc $PNC Stock Position Increased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 13.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,417 shares of the financial services provider’s stock after buying an additional 2,831 shares during the quarter. Maryland State Retirement & Pension System’s holdings in The PNC Financial Services Group were worth $5,427,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth $7,921,455,000. State Street Corp raised its position in The PNC Financial Services Group by 4.3% during the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after acquiring an additional 765,097 shares during the period. Bank of America Corp DE purchased a new position in The PNC Financial Services Group during the second quarter valued at $2,102,631,000. Deutsche Bank AG purchased a new position in The PNC Financial Services Group during the second quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in The PNC Financial Services Group by 1.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after purchasing an additional 39,112 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.3%

Shares of PNC opened at $231.40 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $177.08 and a 52-week high of $258.96. The stock has a market cap of $91.82 billion, a PE ratio of 12.12, a price-to-earnings-growth ratio of 1.20 and a beta of 0.92. The firm’s fifty day moving average is $227.87 and its two-hundred day moving average is $229.39. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.28.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, beating analysts’ consensus estimates of $4.91 by $0.18. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.35 earnings per share. Research analysts forecast that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Investors of record on Wednesday, October 14th were given a dividend of $2.00 per share. The ex-dividend date was Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The PNC Financial Services Group’s payout ratio is presently 42.58%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Stephens cut their target price on shares of The PNC Financial Services Group from $265.00 to $250.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Evercore reduced their price target on shares of The PNC Financial Services Group from $265.00 to $260.00 and set an “outperform” rating for the company in a research report on Monday, October 19th. DA Davidson raised their price target on shares of The PNC Financial Services Group from $247.00 to $281.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. The Goldman Sachs Group decreased their price target on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Finally, Citigroup lowered their price objective on The PNC Financial Services Group from $290.00 to $270.00 and set a “buy” rating on the stock in a report on Monday, October 19th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $266.04.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.