California Public Employees Retirement System Sells 42,501 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

California Public Employees Retirement System reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 668,009 shares of the financial services provider’s stock after selling 42,501 shares during the period. California Public Employees Retirement System’s holdings in The PNC Financial Services Group were worth $128,826,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PNC. Winch Advisory Services LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $25,000. Richardson Financial Services Inc. increased its holdings in The PNC Financial Services Group by 2,333.3% in the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares during the last quarter. Albion Financial Group UT bought a new stake in The PNC Financial Services Group in the 4th quarter valued at about $30,000. Synergy Asset Management LLC bought a new position in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, Rialto Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the transaction, the chief executive officer now directly owns 526,313 shares in the company, valued at $101,515,251.44. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 12,420 shares of company stock valued at $2,342,313. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. The Goldman Sachs Group cut their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Truist Financial raised their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Friday, January 17th. Compass Point boosted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Barclays raised their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Citigroup decreased their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $204.25.

The PNC Financial Services Group Trading Down 1.8 %

Shares of The PNC Financial Services Group stock opened at $171.83 on Monday. 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 PNC Financial Services Group, Inc. has a 1 year low of $143.52 and a 1 year high of $216.26. The firm has a market cap of $68.00 billion, a PE ratio of 12.50, a PEG ratio of 1.55 and a beta of 1.13. The company has a 50 day simple moving average of $187.91 and a two-hundred day simple moving average of $192.21.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.16 EPS. Analysts expect 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.72%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

About The PNC Financial Services Group

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.