California Public Employees Retirement System Has $113.12 Million Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

California Public Employees Retirement System trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 730,537 shares of the financial services provider’s stock after selling 25,141 shares during the period. California Public Employees Retirement System owned about 0.18% of The PNC Financial Services Group worth $113,124,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. International Assets Investment Management LLC boosted its position in shares of The PNC Financial Services Group by 73.2% during the third quarter. International Assets Investment Management LLC now owns 4,118 shares of the financial services provider’s stock worth $502,000 after buying an additional 1,740 shares during the period. IFP Advisors Inc boosted its position in shares of The PNC Financial Services Group by 35.8% during the third quarter. IFP Advisors Inc now owns 3,742 shares of the financial services provider’s stock worth $459,000 after buying an additional 987 shares during the period. Summit Global Investments boosted its position in shares of The PNC Financial Services Group by 89.3% during the third quarter. Summit Global Investments now owns 3,564 shares of the financial services provider’s stock worth $438,000 after buying an additional 1,681 shares during the period. DAVENPORT & Co LLC boosted its position in shares of The PNC Financial Services Group by 5.7% during the third quarter. DAVENPORT & Co LLC now owns 32,582 shares of the financial services provider’s stock worth $4,000,000 after buying an additional 1,746 shares during the period. Finally, GHP Investment Advisors Inc. boosted its position in The PNC Financial Services Group by 0.9% during the third quarter. GHP Investment Advisors Inc. now owns 11,615 shares of the financial services provider’s stock valued at $1,372,000 after purchasing an additional 102 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. Morgan Stanley increased their price target on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research report on Tuesday, January 30th. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday, April 18th. Bank of America increased their price target on The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Finally, Wells Fargo & Company increased their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $156.63.

Insider Buying and Selling

In related news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $157.61 on Wednesday. The firm has a market cap of $62.70 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 1.76 and a beta of 1.18. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The business’s 50 day moving average is $152.28 and its 200-day moving average is $142.77.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.98 earnings per share. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

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.