State of Tennessee Department of Treasury Has $28.10 Million Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

State of Tennessee Department of Treasury decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 145,717 shares of the financial services provider's stock after selling 6,437 shares during the period. State of Tennessee Department of Treasury's holdings in The PNC Financial Services Group were worth $28,102,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in shares of The PNC Financial Services Group by 1.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider's stock valued at $420,621,000 after acquiring an additional 22,271 shares in the last quarter. Morse Asset Management Inc bought a new stake in The PNC Financial Services Group during the third quarter valued at $481,000. Wealthquest Corp acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at about $212,000. Wilmington Savings Fund Society FSB raised its stake in The PNC Financial Services Group by 86.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 34,446 shares of the financial services provider's stock worth $6,367,000 after acquiring an additional 15,962 shares during the period. Finally, Synovus Financial Corp lifted its holdings in The PNC Financial Services Group by 3.7% in the third quarter. Synovus Financial Corp now owns 14,232 shares of the financial services provider's stock worth $2,631,000 after acquiring an additional 509 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PNC. Wells Fargo & Company lowered their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Citigroup reduced their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a research report on Monday, March 24th. The Goldman Sachs Group reduced their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Truist Financial lowered their target price on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a research note on Wednesday, April 16th. Finally, Stephens reiterated an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $200.88.

The PNC Financial Services Group Stock Down 0.8 %

The PNC Financial Services Group stock traded down $1.26 during mid-day trading on Friday, hitting $158.49. The company's stock had a trading volume of 1,125,112 shares, compared to its average volume of 1,992,069. The company has a market cap of $62.72 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The firm's 50 day moving average is $170.50 and its 200 day moving average is $188.40.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. On average, analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 4.04%. The PNC Financial Services Group's dividend payout ratio is 45.20%.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $192.45, for a total transaction of $239,022.90. Following the completion of the sale, the chief executive officer now directly owns 571,025 shares in the company, valued at $109,893,761.25. The trade was a 0.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 12,420 shares of company stock valued at $2,172,655. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Company 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.