Alaska Permanent Fund Corp Cuts Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Alaska Permanent Fund Corp reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 16.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,084 shares of the financial services provider’s stock after selling 3,016 shares during the period. Alaska Permanent Fund Corp’s holdings in The PNC Financial Services Group were worth $2,336,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PNC. Harvest Fund Management Co. Ltd boosted its holdings in The PNC Financial Services Group by 143.3% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 1,496 shares of the financial services provider’s stock valued at $232,000 after acquiring an additional 881 shares during the period. GAMMA Investing LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth approximately $266,000. SlateStone Wealth LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth approximately $214,000. Larson Financial Group LLC grew its stake in The PNC Financial Services Group by 10.5% during the 4th quarter. Larson Financial Group LLC now owns 10,637 shares of the financial services provider’s stock worth $1,647,000 after buying an additional 1,007 shares during the last quarter. Finally, PDS Planning Inc purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $218,000. 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 news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now directly owns 36,570 shares in the company, valued at approximately $5,442,347.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.42% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. UBS Group upped their target price on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Morgan Stanley upped their target price on The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 30th. Finally, StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday, April 18th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus price target of $156.63.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded down $2.56 during trading hours on Thursday, reaching $155.50. 294,745 shares of the stock were exchanged, compared to its average volume of 2,114,184. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The firm has a 50 day simple moving average of $152.48 and a 200-day simple moving average of $142.88. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The stock has a market capitalization of $61.86 billion, a P/E ratio of 13.27, a P/E/G ratio of 1.78 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue was down 8.2% on a year-over-year basis. During the same quarter last year, the business posted $3.98 EPS. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

The PNC Financial Services Group Profile

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.