Wellington Management Group LLP Cuts Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Wellington Management Group cut its PNC stake by 27% in the second quarter, selling 137,622 shares and retaining 372,962 shares valued at approximately $91.8 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly EPS of $4.85, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, representing a 3.4% yield.
• Analysts maintain a Moderate Buy consensus rating, with an average price target of $265.73 compared with the reported share price of $237.38.

Wellington Management Group LLP lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 27.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 372,962 shares of the financial services provider's stock after selling 137,622 shares during the quarter. Wellington Management Group LLP owned 0.09% of The PNC Financial Services Group worth $91,831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Stoneridge Investment Partners LLC raised its position in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock worth $4,953,000 after buying an additional 8,818 shares during the last quarter. AMG National Trust Bank purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $30,557,000. The Manufacturers Life Insurance Company purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $69,078,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $35,124,000. Finally, Empire Life Investments Inc. lifted its position in The PNC Financial Services Group by 8.7% during the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider's stock valued at $45,319,000 after purchasing an additional 17,418 shares during the period. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Down 0.9%

NYSE PNC opened at $237.38 on Wednesday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company 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 stock's 50-day moving average price is $249.48 and its 200-day moving average price is $229.54.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the company posted $3.85 EPS. The firm's revenue was up 21.4% on a year-over-year basis. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on PNC. Citigroup lifted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Barclays increased their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Truist Financial lifted their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a report on Thursday, July 16th. UBS Group upped their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Robert W. Baird raised their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Company Profile

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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