Allspring Global Investments Holdings LLC Has $9.67 Million Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Allspring Global Investments Holdings LLC boosted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 69.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,440 shares of the financial services provider’s stock after buying an additional 20,621 shares during the period. Allspring Global Investments Holdings LLC’s holdings in The PNC Financial Services Group were worth $9,670,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Jmac Enterprises LLC boosted its holdings in The PNC Financial Services Group by 6.9% during the fourth quarter. Jmac Enterprises LLC now owns 10,890 shares of the financial services provider’s stock valued at $2,100,000 after purchasing an additional 700 shares in the last quarter. Kentucky Trust Co bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $3,397,000. Gladstone Institutional Advisory LLC increased its position in shares of The PNC Financial Services Group by 21.1% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 8,894 shares of the financial services provider’s stock worth $1,715,000 after purchasing an additional 1,550 shares in the last quarter. TFB Advisors LLC lifted its holdings in The PNC Financial Services Group by 3.3% during the 4th quarter. TFB Advisors LLC now owns 1,799 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 58 shares during the last quarter. Finally, Certuity LLC boosted its position in The PNC Financial Services Group by 2.7% in the fourth quarter. Certuity LLC now owns 106,193 shares of the financial services provider’s stock valued at $20,479,000 after buying an additional 2,777 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $216.01, for a total value of $268,284.42. Following the transaction, the chief executive officer now owns 533,765 shares in the company, valued at $115,298,577.65. This trade represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 13,662 shares of company stock worth $2,730,549 over the last three months. 0.42% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PNC shares. The Goldman Sachs Group raised their price target on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Morgan Stanley raised their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Compass Point boosted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, Barclays raised their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $205.00.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $196.20 on Wednesday. The business has a 50 day moving average of $196.90 and a 200-day moving average of $191.28. The company has a market capitalization of $77.85 billion, a P/E ratio of 14.27, a P/E/G ratio of 1.64 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the business earned $3.16 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.3 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

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.