Confluence Wealth Services Inc. Sells 423 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Confluence Wealth Services Inc. lessened its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,333 shares of the financial services provider’s stock after selling 423 shares during the period. Confluence Wealth Services Inc.’s holdings in The PNC Financial Services Group were worth $5,798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNC. Winch Advisory Services LLC bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $25,000. Richardson Financial Services Inc. raised its position in shares of The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 140 shares during the period. Albion Financial Group UT acquired 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 stake in shares of The PNC Financial Services Group during the 4th quarter worth about $32,000. Finally, Valley Wealth Managers Inc. raised its holdings in The PNC Financial Services Group by 20,000.0% in the 3rd 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 during the period. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, November 15th. The stock was sold at an average price of $208.12, for a total transaction of $258,485.04. Following the sale, the chief executive officer now directly owns 536,249 shares in the company, valued at $111,604,141.88. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the transaction, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,413 shares of company stock valued at $6,037,230. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 0.8 %

Shares of The PNC Financial Services Group stock opened at $199.14 on Wednesday. The firm’s 50 day moving average is $199.25 and its 200 day moving average is $190.14. The firm has a market capitalization of $79.01 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.63 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 1 year low of $139.69 and a 1 year high of $216.26. 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 PNC Financial Services Group (NYSE:PNC) last announced its quarterly 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 firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $3.16 EPS. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 15.26 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be issued 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 is currently 46.55%.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of research analyst reports. Compass Point boosted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Stephens restated an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 16th. Truist Financial upped their price target on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Finally, Barclays lifted their price objective on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $205.00.

The PNC Financial Services Group 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.