The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 42.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 172,035 shares of the financial services provider’s stock after purchasing an additional 51,206 shares during the quarter. Teacher Retirement System of Texas’ holdings in The PNC Financial Services Group were worth $33,177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PNC. Sandy Spring Bank raised its holdings in shares of The PNC Financial Services Group by 1.4% during the fourth quarter. Sandy Spring Bank now owns 4,901 shares of the financial services provider’s stock worth $945,000 after purchasing an additional 67 shares during the last quarter. Royal London Asset Management Ltd. raised its holdings in shares of The PNC Financial Services Group by 0.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 356,103 shares of the financial services provider’s stock worth $68,674,000 after purchasing an additional 1,851 shares during the last quarter. Harvest Fund Management Co. Ltd raised its holdings in shares of The PNC Financial Services Group by 161.9% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,425 shares of the financial services provider’s stock worth $468,000 after purchasing an additional 1,499 shares during the last quarter. Brooklyn FI LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at $410,000. Finally, Enhancing Capital LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at $238,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNC has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Truist Financial lifted their price objective on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a report on Friday, January 17th. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. 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. Finally, Compass Point boosted their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $203.71.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $171.15, for a total value of $212,568.30. Following the transaction, the chief executive officer now directly owns 567,299 shares in the company, valued at $97,093,223.85. The trade was a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 12,420 shares of company stock worth $2,369,165. 0.42% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

PNC opened at $173.42 on Friday. The firm has a market capitalization of $68.63 billion, a PE ratio of 12.61, a PEG ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The firm’s 50-day moving average price is $190.35 and its 200 day moving average price is $192.30. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates 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 PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $3.16 earnings per share. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.69%. The PNC Financial Services Group’s payout ratio is presently 46.55%.

The PNC Financial Services Group Company 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.