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

California Public Employees Retirement System lifted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 6.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 720,089 shares of the financial services provider’s stock after acquiring an additional 44,829 shares during the period. California Public Employees Retirement System owned 0.18% of The PNC Financial Services Group worth $134,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Cerity Partners LLC grew its holdings in shares of The PNC Financial Services Group by 70.0% during the second quarter. Cerity Partners LLC now owns 221,268 shares of the financial services provider’s stock worth $41,249,000 after buying an additional 91,142 shares in the last quarter. Federated Hermes Inc. grew its stake in The PNC Financial Services Group by 43.8% during the 2nd quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock valued at $517,598,000 after acquiring an additional 845,148 shares in the last quarter. Shepherd Financial Partners LLC grew its stake in The PNC Financial Services Group by 5.4% during the 2nd quarter. Shepherd Financial Partners LLC now owns 2,568 shares of the financial services provider’s stock valued at $479,000 after acquiring an additional 132 shares in the last quarter. Brown Advisory Inc. raised its holdings in The PNC Financial Services Group by 28.4% in the 2nd quarter. Brown Advisory Inc. now owns 103,776 shares of the financial services provider’s stock valued at $19,346,000 after acquiring an additional 22,955 shares during the last quarter. Finally, SCS Capital Management LLC lifted its stake in The PNC Financial Services Group by 0.6% in the 2nd quarter. SCS Capital Management LLC now owns 8,527 shares of the financial services provider’s stock worth $1,590,000 after purchasing an additional 55 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on 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 directly owned 27,335 shares in the company, valued at $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president directly owned 5,802 shares of the company’s stock, valued at $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $197.91 on Monday. The firm has a market cap of $77.61 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.11 and a beta of 1.01. 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 PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $209.85. The business’s fifty day simple moving average is $187.70 and its 200-day simple moving average is $190.18.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (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 firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the previous year, the firm earned $3.49 EPS. The PNC Financial Services Group’s revenue was up 8.9% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

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

Analyst Upgrades and Downgrades

PNC has been the subject of a number of analyst reports. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 3rd. Morgan Stanley upped their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. Oppenheimer reduced their price target on 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 upped their price objective on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $218.00.

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.