California Public Employees Retirement System Reduces Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

California Public Employees Retirement System cut its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 730,537 shares of the financial services provider’s stock after selling 25,141 shares during the quarter. California Public Employees Retirement System’s holdings in The PNC Financial Services Group were worth $113,124,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. BKM Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at about $26,000. Tennessee Valley Asset Management Partners purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at about $26,000. Householder Group Estate & Retirement Specialist LLC boosted its position in The PNC Financial Services Group by 350.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock valued at $28,000 after buying an additional 140 shares during the period. Fortitude Family Office LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at about $28,000. Finally, Criterion Capital Advisors LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at about $32,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PNC. Bank of America boosted their price objective on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $152.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price target for the stock from $141.00 to $155.00 in a research report on Thursday, March 28th. Morgan Stanley upped their price target on shares of 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, Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $156.63.

Insiders Place Their Bets

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

The PNC Financial Services Group Trading Up 1.1 %

NYSE:PNC opened at $157.61 on Wednesday. The firm has a 50 day moving average of $152.28 and a 200 day moving average of $142.77. The stock has a market capitalization of $62.70 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.76 and a beta of 1.18. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The business had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The business’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter last year, the company posted $3.98 earnings per share. As a group, sell-side analysts anticipate 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 business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.93%. 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.