California Public Employees Retirement System Buys 119,248 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• CalPERS increased its PNC stake by 16.4% in the first quarter, buying 119,248 additional shares and bringing its total holding to 847,382 shares worth about $176.3 million.
• PNC reported a strong second quarter, beating analysts’ expectations on both earnings and revenue as capital markets helped drive growth. The company also raised its dividend to $2.00 per share from $1.70.
• Wall Street sentiment remains constructive, with several analysts lifting price targets and the stock carrying a consensus “Moderate Buy” rating. The average target price now sits near $265, while insiders have recently sold shares.

California Public Employees Retirement System lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 16.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 847,382 shares of the financial services provider's stock after buying an additional 119,248 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of The PNC Financial Services Group worth $176,332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNC. Bartlett & CO. Wealth Management LLC boosted its holdings in shares of The PNC Financial Services Group by 3.1% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 9,938 shares of the financial services provider's stock valued at $2,167,000 after purchasing an additional 295 shares during the last quarter. Advisortrust Partners LLC increased its holdings in shares of The PNC Financial Services Group by 7.1% in the first quarter. Advisortrust Partners LLC now owns 25,747 shares of the financial services provider's stock worth $5,358,000 after purchasing an additional 1,708 shares during the last quarter. Angeles Wealth Management LLC increased its holdings in shares of The PNC Financial Services Group by 12.1% in the first quarter. Angeles Wealth Management LLC now owns 2,157 shares of the financial services provider's stock worth $449,000 after purchasing an additional 233 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of The PNC Financial Services Group by 14.3% in the first quarter. Bessemer Group Inc. now owns 30,492 shares of the financial services provider's stock worth $6,347,000 after buying an additional 3,816 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of The PNC Financial Services Group by 98.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 297,897 shares of the financial services provider's stock worth $62,332,000 after buying an additional 147,521 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNC. Truist Financial raised their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday. Argus increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America raised their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $264.97.

Key The PNC Financial Services Group News

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC reported strong second-quarter results, topping forecasts on earnings and revenue as capital markets strength helped drive growth. The company also highlighted a record dividend and improving business momentum. PNC Financial tops second-quarter forecasts as capital markets business drives growth
• Positive Sentiment: Management raised its 2026 outlook, forecasting about 12.5% loan growth, net interest income growth of 15% to 15.5%, and a net interest margin above 3% by year-end, which suggests improving fundamentals ahead. PNC forecasts 2026 loan growth of ~12.5% and net interest income up 15%-15.5%
• Positive Sentiment: Multiple analysts lifted price targets on PNC after the earnings release, including Truist, Argus, RBC, Oppenheimer, Wells Fargo, Barclays, Stephens, and Baird, with several firms also maintaining bullish ratings such as outperform and overweight. Analyst price target updates
• Neutral Sentiment: Truist raised its target to $264 but kept a hold rating, implying the stock may be fairly valued after the recent run-up. PNC price target raised to $264 at Truist Financial
• Neutral Sentiment: One recent commentary piece argued that PNC looks “fairly valued,” which may temper enthusiasm even after the earnings beat and analyst upgrades. PNC Financial: Likely Fairly Valued
• Negative Sentiment: PNC also noted that costs are expected to rise alongside revenue, which could pressure margins if expense growth outpaces top-line gains. PNC is latest bank to say costs will rise alongside revenue

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last three months. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Down 0.9%

Shares of PNC stock opened at $252.88 on Friday. The company has a market cap of $101.55 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The stock's 50 day simple moving average is $233.18 and its two-hundred day simple moving average is $223.46. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company's quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.85 EPS. Research analysts predict that The PNC Financial Services Group, Inc will post 19.14 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group's payout ratio is presently 37.42%.

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.

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