Teacher Retirement System of Texas Sells 58,813 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Teacher Retirement System of Texas cut its stake in PNC by 40% in Q4, selling 58,813 shares and now holds 88,317 shares valued at about $18.43 million.
• Insiders have been selling recently — CEO William Demchak sold 50,000 shares and EVP Louis Cestello sold 4,279 shares, with insiders disposing of 64,186 shares over the last three months.
• PNC beat earnings (EPS $4.32 vs. $3.92 estimate) with revenue up 13.1% year-over-year and announced a quarterly dividend of $1.70 (annualized yield ~3.1%).

Teacher Retirement System of Texas cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 40.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,317 shares of the financial services provider's stock after selling 58,813 shares during the quarter. Teacher Retirement System of Texas' holdings in The PNC Financial Services Group were worth $18,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Mystic Asset Management Inc. lifted its position in The PNC Financial Services Group by 1.0% during the fourth quarter. Mystic Asset Management Inc. now owns 12,207 shares of the financial services provider's stock valued at $2,548,000 after purchasing an additional 124 shares during the last quarter. Tufton Capital Management lifted its position in The PNC Financial Services Group by 2.6% during the fourth quarter. Tufton Capital Management now owns 9,257 shares of the financial services provider's stock valued at $1,932,000 after purchasing an additional 238 shares during the last quarter. Meadow Creek Wealth Advisors LLC bought a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $207,000. Caprock Group LLC lifted its position in The PNC Financial Services Group by 20.4% during the fourth quarter. Caprock Group LLC now owns 25,308 shares of the financial services provider's stock valued at $5,283,000 after purchasing an additional 4,285 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its position in The PNC Financial Services Group by 22.7% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 3,359 shares of the financial services provider's stock valued at $701,000 after purchasing an additional 621 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Down 2.3%

PNC stock opened at $219.97 on Friday. The company has a market capitalization of $88.73 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 0.94 and a beta of 0.96. The PNC Financial Services Group, Inc has a one year low of $156.70 and a one year high of $243.94. The company's 50 day moving average price is $214.70 and its two-hundred day moving average price is $207.42. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business's revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $3.51 earnings per share. As a group, analysts predict that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares of the company's stock, valued at $4,415,066.67. The trade was a 18.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is owned by insiders.

Analysts Set New Price Targets

PNC has been the subject of several research analyst reports. Truist Financial lifted their target price on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Bank of America lifted 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 research report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their target price 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 report on Thursday, April 16th. Finally, Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an "overweight" rating in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $241.69.

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.