Burling Wealth Partners LLC Sells 204 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Burling Wealth Partners LLC decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 13.2% in the 1st quarter, HoldingsChannel reports. The fund owned 1,347 shares of the financial services provider’s stock after selling 204 shares during the period. Burling Wealth Partners LLC’s holdings in The PNC Financial Services Group were worth $237,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in The PNC Financial Services Group during the fourth quarter worth $1,352,151,000. Massachusetts Financial Services Co. MA grew its holdings in The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth $299,864,000. GAMMA Investing LLC grew its holdings in The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider’s stock worth $201,961,000 after buying an additional 1,143,079 shares in the last quarter. Finally, Schroder Investment Management Group grew its holdings in The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock worth $265,436,000 after buying an additional 860,554 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PNC shares. Royal Bank Of Canada decreased their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Citigroup upped their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial upped their price target on The PNC Financial Services Group from $189.00 to $198.00 and gave the company a “hold” rating in a research report on Wednesday, July 9th. Barclays dropped their price objective on 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. Finally, HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $206.00 to $202.00 in a report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $212.76.

Insider Buying and Selling

In related news, Director Martin Pfinsgraff purchased 1,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the transaction, the director directly owned 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,545 shares of company stock worth $1,590,080 in the last ninety days. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $196.09 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $77.57 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.54 and a beta of 1.07. The business’s 50-day moving average price is $181.79 and its 200-day moving average price is $180.27. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. During the same period last year, the company earned $3.39 EPS. The PNC Financial Services Group’s revenue for the quarter was up 4.6% compared to the same quarter last year. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.47%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 48.02%.

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.