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

Wellington Management Group LLP trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 81.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 367,441 shares of the financial services provider's stock after selling 1,647,241 shares during the period. 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Winch Advisory Services LLC acquired a new stake in The PNC Financial Services Group in the fourth quarter worth $25,000. Richardson Financial Services Inc. raised its stake in shares of The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider's stock worth $28,000 after purchasing an additional 140 shares in the last quarter. Albion Financial Group UT purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $30,000. Synergy Asset Management LLC bought a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $32,000. Finally, Rialto Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $32,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 10th. The stock was sold at an average price of $192.88, for a total value of $239,556.96. Following the completion of the transaction, the chief executive officer now directly owns 526,313 shares of the company's stock, valued at $101,515,251.44. The trade was a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 13,061 shares of company stock valued at $2,420,267. 0.41% of the stock is owned by insiders.

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The PNC Financial Services Group Price Performance

PNC stock traded down $7.43 during trading on Thursday, hitting $152.80. The company had a trading volume of 624,843 shares, compared to its average volume of 1,944,069. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The business has a 50 day moving average of $180.16 and a 200 day moving average of $190.61. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. The firm has a market capitalization of $60.47 billion, a price-to-earnings ratio of 11.12, a P/E/G ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating 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 business had revenue of $5.57 billion during the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter in the previous year, the business posted $3.16 EPS. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have issued reports on PNC. The Goldman Sachs Group cut their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Stephens reaffirmed an "equal weight" rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a report on Friday, January 17th. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their price objective for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, Citigroup cut their target price 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 report on Monday, March 24th. Two 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $203.47.

The PNC Financial Services Group Company Profile

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.