Allspring Global Investments Holdings LLC Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Allspring Global Investments Holdings LLC lessened its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 24.6% in the first quarter, HoldingsChannel reports. The firm owned 31,696 shares of the financial services provider’s stock after selling 10,321 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in The PNC Financial Services Group were worth $5,122,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Steph & Co. increased its position in The PNC Financial Services Group by 1.8% during the 4th quarter. Steph & Co. now owns 3,720 shares of the financial services provider’s stock worth $576,000 after purchasing an additional 67 shares in the last quarter. Bangor Savings Bank grew its holdings in The PNC Financial Services Group by 1.2% in the 4th quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider’s stock valued at $888,000 after buying an additional 69 shares during the period. Triangle Securities Wealth Management grew its holdings in shares of The PNC Financial Services Group by 1.8% during the 1st quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock worth $649,000 after purchasing an additional 70 shares during the period. Cooper Financial Group grew its holdings in shares of The PNC Financial Services Group by 1.7% during the 1st quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock worth $685,000 after purchasing an additional 70 shares during the period. Finally, Wealthcare Advisory Partners LLC lifted its position in The PNC Financial Services Group by 1.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,972 shares of the financial services provider’s stock worth $804,000 after acquiring an additional 74 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the topic of several recent research reports. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Evercore ISI boosted their price target on The PNC Financial Services Group from $180.00 to $184.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 25th. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and boosted their price target for the stock from $141.00 to $155.00 in a research report on Thursday, March 28th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $152.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. Finally, Bank of America upped their target price 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. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $158.43.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC traded up $0.24 during trading on Tuesday, reaching $156.38. The stock had a trading volume of 66,965 shares, compared to its average volume of 1,882,892. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $162.24. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85. The firm’s 50 day moving average price is $155.18 and its two-hundred day moving average price is $152.96. The stock has a market cap of $62.23 billion, a PE ratio of 13.11, a P/E/G ratio of 2.22 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share 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 analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.98 EPS. On average, research analysts forecast that The PNC Financial Services Group, Inc. will post 12.63 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were given a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.96%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 52.06%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the sale, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The disclosure for this sale can be found here. Insiders sold 2,132 shares of company stock worth $328,809 in the last 90 days. Corporate insiders own 0.42% of the company’s stock.

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.