Alaska Permanent Fund Corp Sells 3,016 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Alaska Permanent Fund Corp lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 16.7% in the 4th quarter, HoldingsChannel reports. 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. DAVENPORT & Co LLC grew its position in The PNC Financial Services Group by 5.7% in the third quarter. DAVENPORT & Co LLC now owns 32,582 shares of the financial services provider’s stock worth $4,000,000 after acquiring an additional 1,746 shares in the last quarter. GHP Investment Advisors Inc. boosted its position in shares of The PNC Financial Services Group by 0.9% during the third quarter. GHP Investment Advisors Inc. now owns 11,615 shares of the financial services provider’s stock valued at $1,372,000 after buying an additional 102 shares during the period. Meridian Wealth Management LLC boosted its position in shares of The PNC Financial Services Group by 95.3% during the third quarter. Meridian Wealth Management LLC now owns 11,108 shares of the financial services provider’s stock valued at $1,364,000 after buying an additional 5,419 shares during the period. Strategic Blueprint LLC purchased a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $211,000. Finally, Washington Trust Advisors Inc. boosted its position in shares of The PNC Financial Services Group by 555.6% during the third quarter. Washington Trust Advisors Inc. now owns 354 shares of the financial services provider’s stock valued at $43,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the sale, the executive vice president now directly owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded down $2.56 during mid-day trading on Thursday, hitting $155.50. The company’s stock had a trading volume of 294,745 shares, compared to its average volume of 2,114,184. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $61.86 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 1.78 and a beta of 1.18. The business’s fifty day moving average is $152.48 and its two-hundred day moving average is $142.88.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the company earned $3.98 earnings per share. The firm’s revenue was down 8.2% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group boosted their price target on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, April 18th. The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research report on Monday, April 1st. Evercore ISI reduced their price target on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Finally, Jefferies Financial Group reduced their price target on The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $156.63.

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.