California State Teachers Retirement System Sells 15,823 Shares of The PNC Financial Services Group, Inc $PNC

California State Teachers Retirement System lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 618,790 shares of the financial services provider’s stock after selling 15,823 shares during the quarter. California State Teachers Retirement System’s holdings in The PNC Financial Services Group were worth $128,764,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PNC. Norges Bank acquired a new position in The PNC Financial Services Group in the 4th quarter worth $1,967,080,000. Viking Global Investors LP raised its stake in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of The PNC Financial Services Group by 961.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after purchasing an additional 2,382,552 shares in the last quarter. Deutsche Bank AG boosted its position in shares of The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after buying an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Royal Bank Of Canada increased their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday. Finally, Barclays boosted their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report 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 assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Transactions at The PNC Financial Services Group

In related 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 transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $248.46 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The stock’s 50-day simple moving average is $239.02 and its 200 day simple moving average is $225.62. The company has a market cap of $99.77 billion, a P/E ratio of 13.67, a P/E/G ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last released 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 PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the company posted $3.85 earnings per share. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 44.03%.

The PNC Financial Services Group Profile

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.