Arizona State Retirement System Decreases Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Arizona State Retirement System trimmed its position in The PNC Financial Services Group by 4.2% in Q4, selling 4,850 shares and leaving it with 110,670 shares valued at about $23.1 million.
• PNC fundamentals and activity: the firm beat EPS estimates with $4.32 (revenue $6.17B, +13.1% YoY), declared a $1.70 quarterly dividend (3.1% yield), and insiders sold 64,186 shares in the last three months, including CEO William Demchak’s sale of 50,000 shares.

Arizona State Retirement System reduced its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,670 shares of the financial services provider's stock after selling 4,850 shares during the period. Arizona State Retirement System's holdings in The PNC Financial Services Group were worth $23,100,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quarry LP purchased a new stake in The PNC Financial Services Group in the third quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at $35,000. Westfuller Advisors LLC purchased a new stake in The PNC Financial Services Group in the third quarter valued at $34,000. JPL Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the third quarter valued at $37,000. Finally, Financial Life Planners purchased a new stake in The PNC Financial Services Group in the third quarter valued at $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 2.3%

Shares of The PNC Financial Services Group stock opened at $219.97 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $156.70 and a 52-week high of $243.94. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00. The company's 50-day simple moving average is $214.70 and its 200-day simple moving average is $207.42. The firm has a market cap of $88.73 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 0.94 and a beta of 0.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business posted $3.51 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group's payout ratio is 39.51%.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of the company's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares in the company, valued at $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on PNC. JPMorgan Chase & Co. reduced their price target on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Royal Bank Of Canada reissued an "outperform" rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. TD Cowen boosted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, January 20th. Finally, Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $241.69.

About The PNC Financial Services Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.