Confluence Wealth Services Inc. Sells 5,619 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Confluence Wealth Services cut its stake in The PNC Financial Services Group by 19.1%, selling 5,619 shares and leaving 23,850 shares valued at about $4.98 million.
• Insiders have been net sellers: EVP Richard K. Bynum sold 7,407 shares and EVP Louis R. Cestello sold 4,279 shares, with insiders disposing of 64,186 shares worth $14.84 million in the last 90 days (insiders own 0.38%).
• PNC fundamentals: the bank beat quarterly EPS estimates ($4.32 vs. $3.92), declared a $1.70 quarterly dividend (3.0% yield), and holds a consensus "Moderate Buy" rating with an average price target of $241.69.

Confluence Wealth Services Inc. decreased its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 19.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 23,850 shares of the financial services provider's stock after selling 5,619 shares during the period. Confluence Wealth Services Inc.'s holdings in The PNC Financial Services Group were worth $4,978,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp lifted its stake in The PNC Financial Services Group by 0.5% in the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock worth $3,464,462,000 after acquiring an additional 85,291 shares during the period. Capital International Investors lifted its stake in The PNC Financial Services Group by 6.0% in the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after acquiring an additional 609,755 shares during the period. Viking Global Investors LP lifted its stake in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the period. AQR Capital Management LLC lifted its stake in The PNC Financial Services Group by 32.6% in the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after acquiring an additional 1,086,941 shares during the period. Finally, Wellington Management Group LLP lifted its stake in The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Buying and Selling

In other news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the transaction, the executive vice president owned 1,942 shares of the company's stock, valued at $448,563.16. The trade was a 79.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the business's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares of the company's stock, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,186 shares of company stock worth $14,840,973 in the last 90 days. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Price Performance

PNC opened at $225.03 on Thursday. The stock has a 50-day moving average price of $214.99 and a 200-day moving average price of $207.13. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market cap of $90.77 billion, a PE ratio of 13.08, a P/E/G ratio of 0.95 and a beta of 0.96. The PNC Financial Services Group, Inc has a 1 year low of $156.15 and a 1 year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group's quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.51 EPS. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.75 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, April 14th. The PNC Financial Services Group's payout ratio is currently 39.51%.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Barclays raised their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. lowered their price objective on The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six 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 an average price target of $241.69.

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.

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