California State Teachers Retirement System trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 2.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 618,790 shares of the financial services provider’s stock after selling 15,823 shares during the period. California State Teachers Retirement System owned about 0.15% of The PNC Financial Services Group worth $128,764,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of PNC. Brighton Jones LLC raised its position in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC boosted its holdings in The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after acquiring an additional 170 shares during the last quarter. Sivia Capital Partners LLC increased its position in The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after purchasing an additional 1,449 shares during the period. Treasurer of the State of North Carolina increased its position in The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after purchasing an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in The PNC Financial Services Group during the 2nd quarter worth about $482,000. 83.53% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on PNC shares. Keefe, Bruyette & Woods upped their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Citigroup boosted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Barclays increased their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $265.73.
The PNC Financial Services Group Price Performance
Shares of PNC opened at $248.46 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The stock has a market cap of $99.77 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The stock’s 50-day moving average price is $239.02 and its two-hundred day moving average price is $225.62.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.85 EPS. On average, equities analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be issued a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.
Insider Buying and Selling at The PNC Financial Services Group
In other news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,300 shares of company stock valued at $10,694,574. Corporate insiders own 0.38% of the company’s stock.
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.
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