Allspring Global Investments Holdings LLC Sells 151,126 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Allspring Global Investments Holdings LLC reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 78.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,017 shares of the financial services provider’s stock after selling 151,126 shares during the period. Allspring Global Investments Holdings LLC’s holdings in The PNC Financial Services Group were worth $6,506,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of The PNC Financial Services Group in the third quarter worth $25,000. BKM Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $26,000. Fortitude Family Office LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $28,000. Householder Group Estate & Retirement Specialist LLC boosted its stake in The PNC Financial Services Group by 350.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock valued at $28,000 after buying an additional 140 shares during the period. Finally, Tyler Stone Wealth Management bought a new stake in The PNC Financial Services Group during the second quarter valued at $29,000. 83.53% of the stock is owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.42% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday. The Goldman Sachs Group lifted their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, April 1st. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Morgan Stanley lifted their price objective on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $156.63.

The PNC Financial Services Group Stock Up 0.4 %

PNC opened at $147.82 on Friday. The company has a market cap of $58.80 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.69 and a beta of 1.18. The business’s 50-day moving average price is $151.80 and its 200-day moving average price is $141.72. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping the consensus estimate of $3.09 by $0.01. The firm 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 company’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.98 earnings per share. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 12.42 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 4.19%. The PNC Financial Services Group’s dividend payout ratio is presently 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.