Invesco Ltd. Has $878.32 Million Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Invesco Ltd. reduced its holdings in The PNC Financial Services Group by 5.6%, owning approximately 4.99 million shares valued at $878.32 million as of its latest SEC filing.
• Analysts have recently upgraded The PNC Financial Services Group's stock, with price targets set between $196.00 and $220.00, indicating a consensus rating of "Moderate Buy."
• The PNC Financial Services Group announced a quarterly dividend of $1.70 per share, increasing from the previous $1.60, amounting to an annual yield of 3.6%.

Invesco Ltd. cut its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,996,992 shares of the financial services provider's stock after selling 294,068 shares during the quarter. Invesco Ltd. owned about 1.26% of The PNC Financial Services Group worth $878,321,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. True Wealth Design LLC boosted its position in The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after acquiring an additional 59 shares during the last quarter. Cornerstone Planning Group LLC boosted its position in The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after acquiring an additional 65 shares during the last quarter. WealthPLAN Partners LLC boosted its position in The PNC Financial Services Group by 0.5% during the 1st quarter. WealthPLAN Partners LLC now owns 12,629 shares of the financial services provider's stock worth $2,220,000 after acquiring an additional 66 shares during the last quarter. Y.D. More Investments Ltd boosted its holdings in shares of The PNC Financial Services Group by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 559 shares of the financial services provider's stock valued at $98,000 after buying an additional 68 shares during the last quarter. Finally, Spire Wealth Management boosted its holdings in shares of The PNC Financial Services Group by 2.2% in the 1st quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider's stock valued at $573,000 after buying an additional 69 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,976 shares of company stock worth $693,765. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PNC has been the subject of several recent analyst reports. Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a report on Tuesday, July 8th. The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their price objective for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $214.17.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $189.58 on Friday. The business's 50-day moving average price is $187.37 and its two-hundred day moving average price is $179.86. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The stock has a market cap of $74.66 billion, a P/E ratio of 12.97, a PEG ratio of 1.41 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company's revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.39 EPS. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is 46.51%.

The PNC Financial Services Group Company Profile

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.

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