496,211 The PNC Financial Services Group, Inc $PNC Shares Sold by Provident Trust Co.

Provident Trust Co. lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 28.3% in the third quarter, HoldingsChannel reports. The fund owned 1,254,296 shares of the financial services provider’s stock after selling 496,211 shares during the period. The PNC Financial Services Group makes up about 8.7% of Provident Trust Co.’s portfolio, making the stock its 5th largest holding. Provident Trust Co.’s holdings in The PNC Financial Services Group were worth $278,780,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PNC. BlackRock Inc. bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $7,921,455,000. State Street Corp grew its position in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after buying an additional 765,097 shares in the last quarter. Bank of America Corp DE bought a new position in The PNC Financial Services Group in the 2nd quarter valued at about $2,102,631,000. Deutsche Bank AG acquired a new position in The PNC Financial Services Group during the 2nd quarter valued at about $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in The PNC Financial Services Group by 1.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after buying an additional 39,112 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $227.88 on Monday. The PNC Financial Services Group, Inc has a twelve month low of $177.08 and a twelve month high of $258.96. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $90.91 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.18 and a beta of 0.94. The firm has a 50-day moving average of $230.03 and a two-hundred day moving average of $228.88.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same quarter last year, the firm posted $4.35 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts expect that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group’s payout ratio is presently 42.58%.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on PNC shares. JPMorgan Chase & Co. boosted their price target on shares of The PNC Financial Services Group from $258.00 to $259.00 and gave the stock an “overweight” rating in a research report on Friday. Wolfe Research initiated coverage on shares of The PNC Financial Services Group in a research note on Tuesday, October 27th. They set a “peer perform” rating on the stock. Stephens dropped their target price on The PNC Financial Services Group from $265.00 to $250.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. The Goldman Sachs Group dropped their target price on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. Finally, DA Davidson increased their price target on The PNC Financial Services Group from $247.00 to $281.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Seventeen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $266.17.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.