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

New York State Teachers Retirement System reduced its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 11.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 286,402 shares of the financial services provider’s stock after selling 37,801 shares during the period. New York State Teachers Retirement System’s holdings in The PNC Financial Services Group were worth $59,597,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of PNC. Brighton Jones LLC boosted its stake in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC increased its position in The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after acquiring an additional 170 shares during the period. Sivia Capital Partners LLC raised its stake in The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after acquiring an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after acquiring an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $482,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $249.13 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The business’s 50 day moving average is $226.89 and its two-hundred day moving average is $220.62. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $254.00. The stock has a market capitalization of $100.04 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (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 business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the business 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 year.

Insiders Place Their Bets

In other news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PNC. Morgan Stanley lifted their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Stephens started coverage on 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Oppenheimer lifted their price objective 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, Barclays boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $252.71.

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.