New York State Teachers Retirement System Lowers Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

New York State Teachers Retirement System lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 324,672 shares of the financial services provider's stock after selling 10,864 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of The PNC Financial Services Group worth $57,068,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Rialto Wealth Management LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 1st quarter valued at about $35,000. REAP Financial Group LLC lifted its holdings in shares of The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after acquiring an additional 80 shares during the period. Hoey Investments Inc. acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $39,000. Finally, True Wealth Design LLC boosted its position in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after acquiring an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Activity

In other The PNC Financial Services Group news, Director Martin Pfinsgraff bought 1,000 shares of the company's stock in a transaction dated Friday, April 25th. The shares were acquired at an average cost of $158.22 per share, with a total value of $158,220.00. Following the completion of the transaction, the director owned 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,428 shares of company stock worth $1,882,322 over the last ninety days. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Up 0.4%

NYSE PNC opened at $186.54 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The business has a 50 day moving average price of $172.87 and a two-hundred day moving average price of $179.93. The stock has a market cap of $73.79 billion, a PE ratio of 13.17, a P/E/G ratio of 1.56 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were given a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.43%. The PNC Financial Services Group's payout ratio is currently 45.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. HSBC upgraded The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $206.00 to $202.00 in a report on Monday, March 31st. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Citigroup lowered their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Finally, Truist Financial cut their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $202.67.

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.

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