Confluence Wealth Services Inc. Reduces Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Confluence Wealth Services Inc. lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.4% in the 4th quarter, Holdings Channel reports. The fund owned 29,333 shares of the financial services provider’s stock after selling 423 shares during the quarter. Confluence Wealth Services Inc.’s holdings in The PNC Financial Services Group were worth $5,798,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PNC. Winch Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $25,000. Richardson Financial Services Inc. raised its stake in The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after buying an additional 140 shares during the last quarter. Albion Financial Group UT bought a new stake in The PNC Financial Services Group in the fourth quarter worth $30,000. Synergy Asset Management LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $32,000. Finally, Valley Wealth Managers Inc. increased its holdings in shares of The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PNC shares. Stephens reissued an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Truist Financial upped their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Piper Sandler lifted their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price target on 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. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $205.00.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $199.14 on Wednesday. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26. The stock has a market capitalization of $79.01 billion, a PE ratio of 14.48, a P/E/G ratio of 1.63 and a beta of 1.16. The business has a 50 day simple moving average of $199.25 and a two-hundred day simple moving average of $190.14. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.16 earnings per share. On average, research analysts predict that The PNC Financial Services Group, Inc. will post 15.26 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.21%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

Insider Transactions at The PNC Financial Services Group

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, November 22nd. The stock was sold at an average price of $205.98, for a total value of $255,827.16. Following the transaction, the chief executive officer now owns 535,007 shares in the company, valued at approximately $110,200,741.86. This trade represents a 0.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,413 shares of company stock valued at $6,037,230 in the last quarter. 0.42% of the stock is currently 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.