The PNC Financial Services Group, Inc $PNC Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 626,279 shares of the financial services provider's stock after purchasing an additional 7,489 shares during the period. California State Teachers Retirement System owned approximately 0.16% of The PNC Financial Services Group worth $154,202,415 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in The PNC Financial Services Group in the 2nd quarter worth $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $1,967,080,000. Bank of America Corp DE bought a new stake in The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Deutsche Bank AG bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth approximately $1,054,189,000. Finally, Jupiter Topco LLC bought a new stake in The PNC Financial Services Group during the second quarter valued at about $756,877,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Price Performance

Shares of PNC traded down $1.57 during mid-day trading on Tuesday, reaching $241.15. The stock had a trading volume of 574,262 shares, compared to its average volume of 2,210,113. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The business has a fifty day moving average of $248.80 and a 200 day moving average of $230.51. The firm has a market cap of $96.20 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 1.22 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.85 EPS. Equities analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group's payout ratio is 44.03%.

Analysts Set New Price Targets

A number of research firms have issued reports on PNC. Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Stephens lifted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Finally, UBS Group upped their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average price target of $265.73.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.

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