Wellington Management Group LLP Sells 1,647,241 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Wellington Management Group LLP trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 81.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 367,441 shares of the financial services provider’s stock after selling 1,647,241 shares during the quarter. Wellington Management Group LLP owned 0.09% of The PNC Financial Services Group worth $70,861,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mechanics Financial Corp acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $541,000. AssuredPartners Investment Advisors LLC bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $739,000. Premier Fund Managers Ltd raised its stake in The PNC Financial Services Group by 38.3% during the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock worth $9,511,000 after acquiring an additional 13,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after acquiring an additional 8,081 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its stake in shares of The PNC Financial Services Group by 48.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock valued at $5,160,000 after purchasing an additional 8,735 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNC has been the subject of several research reports. Citigroup dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Wells Fargo & Company dropped their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Compass Point lifted their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Truist Financial reduced their price target on The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating on the stock in a report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $205.18.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $152.85 on Friday. The company has a market capitalization of $60.49 billion, a PE ratio of 11.12, a P/E/G ratio of 1.55 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $216.26. The firm has a fifty day simple moving average of $184.93 and a 200 day simple moving average of $191.66.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share 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 during the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the company posted $3.16 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $198.00, for a total value of $245,916.00. Following the completion of the sale, the chief executive officer now directly owns 525,071 shares in the company, valued at approximately $103,964,058. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 12,420 shares of company stock worth $2,320,739 in the last quarter. 0.41% of the stock is owned by corporate insiders.

About The PNC Financial Services Group

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.