The PNC Financial Services Group, Inc $PNC Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 9.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,008 shares of the financial services provider’s stock after selling 2,633 shares during the period. Confluence Wealth Services Inc.’s holdings in The PNC Financial Services Group were worth $5,780,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth $7,921,455,000. State Street Corp grew its position in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after buying an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $2,102,631,000. Deutsche Bank AG acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after buying an additional 39,112 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.1%

The PNC Financial Services Group stock opened at $231.06 on Wednesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.84 and a quick ratio of 0.83. The PNC Financial Services Group, Inc has a 1-year low of $177.08 and a 1-year high of $258.96. The company has a market cap of $91.68 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.20 and a beta of 0.92. The stock’s 50 day moving average price is $228.20 and its 200 day moving average price is $229.27.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the prior year, the company posted $4.35 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.24 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th were issued a $2.00 dividend. The ex-dividend date of this dividend was Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 42.58%.

Analyst Ratings Changes

A number of equities analysts have commented on PNC shares. TD Cowen cut their price objective on shares of The PNC Financial Services Group from $245.00 to $240.00 and set a “hold” rating for the company in a research report on Friday, October 16th. HSBC lifted their target price on shares of The PNC Financial Services Group from $275.00 to $283.00 and gave the company a “buy” rating in a report on Monday, September 28th. Oppenheimer boosted their price target on shares of The PNC Financial Services Group from $269.00 to $274.00 and gave the stock an “outperform” rating in a research note on Monday, November 2nd. Evercore dropped their price target on shares of The PNC Financial Services Group from $265.00 to $260.00 and set an “outperform” rating on the stock in a research note on Monday, October 19th. Finally, Wolfe Research initiated coverage on shares of The PNC Financial Services Group in a report on Tuesday, October 27th. They set a “peer perform” rating for the company. Seventeen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $266.04.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were 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 in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.