Wellington Management Group LLP Sells 137,622 Shares of The PNC Financial Services Group, Inc $PNC

Wellington Management Group LLP lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 27.0% during the 2nd quarter, Holdings Channel reports. The firm owned 372,962 shares of the financial services provider’s stock after selling 137,622 shares during the quarter. Wellington Management Group LLP’s holdings in The PNC Financial Services Group were worth $91,831,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares during the last quarter. Empowered Funds LLC boosted its stake in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after buying an additional 170 shares during the last quarter. Sivia Capital Partners LLC grew its holdings 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 buying an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings 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 buying an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $482,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $237.38 on Wednesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The firm has a market capitalization of $94.70 billion, a P/E ratio of 13.06, a price-to-earnings-growth ratio of 0.95 and a beta of 0.91. The company’s 50-day moving average is $249.48 and its 200 day moving average is $229.54.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.85 earnings per share. Research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PNC. UBS Group upped their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Truist Financial raised their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Wells Fargo & Company boosted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Oppenheimer upped their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Finally, Argus increased their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the business’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 completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’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 completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,654 shares of company stock valued at $1,627,011 in the last quarter. 0.38% of the stock is owned by insiders.

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.