Invesco LLC Sells 567 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Invesco LLC lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 3.6% during the first quarter, Holdings Channel.com reports. The fund owned 15,144 shares of the financial services provider’s stock after selling 567 shares during the period. The PNC Financial Services Group accounts for 1.1% of Invesco LLC’s holdings, making the stock its 25th largest holding. Invesco LLC’s holdings in The PNC Financial Services Group were worth $2,662,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Rialto Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter worth about $32,000. Whipplewood Advisors LLC purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $33,000. REAP Financial Group LLC boosted its stake in The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 80 shares in the last quarter. Hoey Investments Inc. bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $39,000. Finally, True Wealth Design LLC lifted its holdings in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PNC shares. Truist Financial lowered their price objective on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Barclays dropped their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Wells Fargo & Company lowered their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Finally, The Goldman Sachs Group cut their target price on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.67.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $180.83 on Tuesday. The firm’s fifty day moving average is $169.62 and its two-hundred day moving average is $180.58. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a market cap of $71.53 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.49 and a beta of 1.06. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $150.50, for a total transaction of $96,470.50. Following the transaction, the chief executive officer now owns 562,291 shares of the company’s stock, valued at approximately $84,624,795.50. This represents a 0.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kieran John Fallon sold 1,492 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president now directly owns 20,490 shares of the company’s stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,670 shares of company stock worth $2,099,398 over the last 90 days. 0.41% of the stock is owned by 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.