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

California Public Employees Retirement System lowered its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 6.0% in the fourth quarter, according to its most recent 13F 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 owned approximately 0.17% of The PNC Financial Services Group worth $128,826,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. RWA Wealth Partners LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth $5,881,000. Portland Global Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $207,000. Schroder Investment Management Group increased its position in shares of The PNC Financial Services Group by 166.1% in the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after purchasing an additional 860,554 shares during the period. Allianz SE bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $164,000. Finally, Mechanics Financial Corp bought a new stake in The PNC Financial Services Group during the fourth quarter worth about $541,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction 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 of the company's stock, valued at $101,515,251.44. The trade was a 0.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 13,662 shares of company stock worth $2,559,389 over the last three months. 0.41% of the stock is currently owned by insiders.

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The PNC Financial Services Group Trading Down 8.0 %

Shares of NYSE PNC traded down $14.17 during trading on Thursday, reaching $162.84. The company had a trading volume of 1,887,559 shares, compared to its average volume of 1,887,798. The stock has a market cap of $64.44 billion, a P/E ratio of 11.82, a PEG ratio of 1.55 and a beta of 1.04. The company's fifty day moving average price is $186.59 and its 200-day moving average price is $192.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The business 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 revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.16 earnings per share. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.93%. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.55%.

Analysts Set New Price Targets

Several brokerages have recently commented on PNC. Wells Fargo & Company dropped their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. The Goldman Sachs Group reduced their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Truist Financial boosted 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. Barclays raised their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Finally, Stephens reissued an "equal weight" rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Hold" and a consensus target price of $205.65.

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.