Allspring Global Investments Holdings LLC Has $4.12 Million Stake in The PNC Financial Services Group, Inc $PNC

Allspring Global Investments Holdings LLC reduced its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 47.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,391 shares of the financial services provider’s stock after selling 19,404 shares during the period. Allspring Global Investments Holdings LLC’s holdings in The PNC Financial Services Group were worth $4,118,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PNC. Brighton Jones LLC lifted its holdings in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of The PNC Financial Services Group by 10.3% in the 1st quarter. GAMMA Investing LLC now owns 6,537 shares of the financial services provider’s stock worth $1,149,000 after purchasing an additional 608 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of The PNC Financial Services Group by 221.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,333 shares of the financial services provider’s stock worth $234,000 after purchasing an additional 918 shares in the last quarter. PFG Investments LLC lifted its holdings in shares of The PNC Financial Services Group by 43.4% in the 1st quarter. PFG Investments LLC now owns 4,012 shares of the financial services provider’s stock worth $705,000 after purchasing an additional 1,214 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in shares of The PNC Financial Services Group by 7.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 66,243 shares of the financial services provider’s stock worth $11,643,000 after purchasing an additional 4,419 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on PNC shares. Oppenheimer restated an “outperform” rating and set a $240.00 price objective (up from $235.00) on shares of The PNC Financial Services Group in a research note on Thursday, October 16th. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Raymond James Financial raised their price objective on The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. Finally, Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $218.47.

The PNC Financial Services Group Trading Up 1.6%

NYSE PNC opened at $182.26 on Tuesday. The stock has a market capitalization of $71.78 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.25 and a beta of 1.10. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The business’s fifty day moving average is $197.97 and its 200-day moving average is $184.22.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.30. The company had revenue of $5.92 billion for the quarter, compared to analysts’ expectations of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the business posted $3.49 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 43.93%.

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.