The PNC Financial Services Group, Inc $PNC Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 6.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 720,089 shares of the financial services provider’s stock after purchasing an additional 44,829 shares during the period. California Public Employees Retirement System’s holdings in The PNC Financial Services Group were worth $134,239,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC increased 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 period. Chicago Partners Investment Group LLC boosted its holdings in The PNC Financial Services Group by 13.4% in the first quarter. Chicago Partners Investment Group LLC now owns 3,142 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 371 shares during the period. AlphaCore Capital LLC purchased a new position in The PNC Financial Services Group in the first quarter valued at $276,000. Savvy Advisors Inc. grew its stake in The PNC Financial Services Group by 12.1% during the 1st quarter. Savvy Advisors Inc. now owns 1,190 shares of the financial services provider’s stock worth $209,000 after purchasing an additional 128 shares in the last quarter. Finally, Townsquare Capital LLC increased its holdings in The PNC Financial Services Group by 13.2% during the 1st quarter. Townsquare Capital LLC now owns 26,674 shares of the financial services provider’s stock worth $4,688,000 after purchasing an additional 3,107 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of several recent research reports. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $211.00 to $220.00 in a research note on Thursday, October 9th. Oppenheimer reduced their target price on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Citigroup lifted their price target on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Finally, UBS Group raised their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.00.

The PNC Financial Services Group Price Performance

PNC stock opened at $197.91 on Monday. The business has a 50 day moving average price of $187.70 and a 200 day moving average price of $190.18. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock has a market cap of $77.61 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.11 and a beta of 1.01. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $209.85.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the prior year, the firm posted $3.49 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.4%. The ex-dividend date was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This trade represents a 14.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by company insiders.

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.