California State Teachers Retirement System Purchases 153,583,625 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• California State Teachers Retirement System dramatically increased its PNC position by 153.6 million shares, bringing its holdings to 154.2 million shares, or approximately 38.65% of the company, valued at $37.97 billion.
• Analysts maintain a generally positive view, with PNC carrying a “Moderate Buy” consensus rating and an average price target of $265.73. Institutional investors collectively own 83.53% of the stock.
• PNC reported quarterly earnings of $4.85 per share and revenue of $6.88 billion, exceeding estimates, while revenue rose 21.4% year over year. The company also raised its quarterly dividend to $2.00 per share, equivalent to an annualized yield of about 3.3%.

California State Teachers Retirement System increased its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 24,820.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 154,202,415 shares of the financial services provider's stock after purchasing an additional 153,583,625 shares during the quarter. California State Teachers Retirement System owned approximately 38.65% of The PNC Financial Services Group worth $37,967,719,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PNC. BlackRock Inc. bought a new position in The PNC Financial Services Group in the second quarter worth $7,921,455,000. State Street Corp boosted its holdings in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock valued at $3,615,085,000 after buying an additional 77,302 shares in the last quarter. Capital International Investors boosted its holdings in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $1,967,080,000. Finally, Geode Capital Management LLC increased its stake in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock worth $1,841,387,000 after acquiring an additional 30,078 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PNC. Royal Bank Of Canada lifted their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective on the stock. in a report on Thursday, July 23rd. Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Truist Financial boosted their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Price Performance

PNC opened at $245.64 on Monday. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week 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 company's 50-day simple moving average is $249.54 and its two-hundred day simple moving average is $229.85. The stock has a market capitalization of $98.00 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.23 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted 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 PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the previous year, the firm posted $3.85 EPS. The firm's revenue was up 21.4% on a year-over-year basis. As a group, 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 announced 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. This represents a $8.00 annualized dividend and a yield of 3.3%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.

Insiders Place Their Bets

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.38% of the company's stock.

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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