Texas Permanent School Fund Corp Sells 24,681 Shares of The PNC Financial Services Group, Inc $PNC

Texas Permanent School Fund Corp reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 47.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 27,769 shares of the financial services provider’s stock after selling 24,681 shares during the quarter. Texas Permanent School Fund Corp’s holdings in The PNC Financial Services Group were worth $5,177,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Focus Partners Advisor Solutions LLC raised its holdings in shares of The PNC Financial Services Group by 28.1% in the first quarter. Focus Partners Advisor Solutions LLC now owns 29,353 shares of the financial services provider’s stock valued at $5,159,000 after purchasing an additional 6,430 shares during the last quarter. Harbour Investments Inc. increased its stake in The PNC Financial Services Group by 115.1% in the 2nd quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock valued at $1,050,000 after buying an additional 3,013 shares during the last quarter. OMNI 360 Wealth Inc. bought a new stake in The PNC Financial Services Group during the 2nd quarter worth about $573,000. Acadian Asset Management LLC boosted its stake in shares of The PNC Financial Services Group by 8,659.4% during the 1st quarter. Acadian Asset Management LLC now owns 26,979 shares of the financial services provider’s stock worth $4,739,000 after buying an additional 26,671 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after acquiring an additional 1,917,530 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PNC has been the topic of several analyst reports. Evercore ISI upped their target price on The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Citigroup upped their price objective on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Piper Sandler raised shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $211.00 to $220.00 in a research report on Thursday, October 9th. Finally, UBS Group increased their price target on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $218.06.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Up 0.2%

Shares of The PNC Financial Services Group stock opened at $210.33 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day simple moving average of $189.34 and a two-hundred day simple moving average of $191.95. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $213.03. The company has a market capitalization of $82.48 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 1.18 and a beta of 1.01.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.30. The company had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned $3.49 earnings per share. Research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

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.