Strs Ohio Sells 6,447 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Strs Ohio reduced its PNC stake by 4.9% in the first quarter, selling 6,447 shares and leaving it with 125,593 shares worth about $26.1 million.
• Insider selling has been notable, with EVP Michael Duane Thomas and Director Andrew T. Feldstein both selling shares; over the last 90 days, insiders sold 48,300 shares valued at roughly $10.7 million.
• Analysts remain broadly positive on PNC, with a consensus “Moderate Buy” rating and an average price target of $252.71, while the company recently beat earnings estimates with $4.32 EPS on $6.17 billion in revenue.

Strs Ohio trimmed its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 125,593 shares of the financial services provider's stock after selling 6,447 shares during the quarter. Strs Ohio's holdings in The PNC Financial Services Group were worth $26,135,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the 4th quarter valued at about $29,000. Financial Life Planners bought a new stake in The PNC Financial Services Group in the 1st quarter valued at about $31,000. Finally, Kemnay Advisory Services Inc. acquired a new position in The PNC Financial Services Group during the 4th quarter worth approximately $32,000. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on PNC shares. Morgan Stanley increased their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. JPMorgan Chase & Co. upped their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Oppenheimer lifted their price target on shares of The PNC Financial Services Group from $268.00 to $271.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, Stephens began coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They set an "overweight" rating and a $265.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $252.71.

The PNC Financial Services Group Price Performance

PNC stock opened at $249.13 on Friday. The company has a market capitalization of $100.04 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $254.00. The business has a 50-day simple moving average of $226.89 and a two-hundred day simple moving average of $220.62.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the company posted $3.51 EPS. The company's revenue for the quarter was up 13.1% on a year-over-year basis. Research analysts expect that The PNC Financial Services Group, Inc will post 18.82 EPS for the current fiscal year.

The PNC Financial Services Group Profile

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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