The PNC Financial Services Group, Inc $PNC Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its PNC stake by 11.7% in the first quarter, selling 37,801 shares and leaving it with 286,402 shares worth about $59.6 million.
• PNC reported strong quarterly earnings of $4.32 per share, beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• Insider selling has also been notable, with executives and directors selling 48,300 shares over the past 90 days; meanwhile, analysts maintain a Moderate Buy consensus and an average price target of $252.71.

New York State Teachers Retirement System decreased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 286,402 shares of the financial services provider's stock after selling 37,801 shares during the quarter. New York State Teachers Retirement System owned approximately 0.07% of The PNC Financial Services Group worth $59,597,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PNC. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth approximately $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new stake in The PNC Financial Services Group in the first quarter valued at approximately $31,000. Finally, Kemnay Advisory Services Inc. purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $249.13 on Friday. The company has a market capitalization of $100.04 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $254.00. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The stock has a 50 day moving average price of $226.89 and a 200 day moving average price of $220.62.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analysts' expectations 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 firm's revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the company earned $3.51 earnings per share. Research analysts predict that The PNC Financial Services Group, Inc will post 18.82 EPS for the current fiscal year.

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 dated 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 owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of several analyst reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $235.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Bank of America raised their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Barclays boosted their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Finally, Jefferies Financial Group began coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus price target of $252.71.

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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