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

Allspring Global Investments Holdings LLC decreased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 19.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 40,795 shares of the financial services provider's stock after selling 9,645 shares during the period. Allspring Global Investments Holdings LLC's holdings in The PNC Financial Services Group were worth $7,124,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PNC. Mechanics Financial Corp bought a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $541,000. AssuredPartners Investment Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at $739,000. Premier Fund Managers Ltd raised its stake in The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after buying an additional 13,700 shares during the period. PKS Advisory Services LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at $357,000. Finally, Kingswood Wealth Advisors LLC lifted its position in The PNC Financial Services Group by 4.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 120 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PNC shares. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Wells Fargo & Company lowered their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $206.35.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,787 shares of company stock valued at $1,782,794 over the last ninety days. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Down 0.3%

Shares of NYSE:PNC traded down $0.61 on Friday, hitting $195.10. 1,863,484 shares of the company traded hands, compared to its average volume of 2,113,925. The company has a market cap of $77.18 billion, a PE ratio of 13.78, a PEG ratio of 1.66 and a beta of 1.07. The stock has a 50 day simple moving average of $175.83 and a 200-day simple moving average of $179.98. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.70 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.49%. The PNC Financial Services Group's dividend payout ratio is presently 45.20%.

The PNC Financial Services Group 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.