Provident Trust Co. Acquires 4,747 Shares of The PNC Financial Services Group, Inc $PNC

Provident Trust Co. boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 0.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,750,507 shares of the financial services provider’s stock after purchasing an additional 4,747 shares during the quarter. The PNC Financial Services Group comprises 9.0% of Provident Trust Co.’s portfolio, making the stock its 4th biggest position. Provident Trust Co.’s holdings in The PNC Financial Services Group were worth $431,010,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth $7,921,455,000. Norges Bank acquired a new position in The PNC Financial Services Group during the fourth quarter valued at $1,967,080,000. Bank of America Corp DE purchased a new stake in The PNC Financial Services Group in the second quarter valued at $2,102,631,000. Viking Global Investors LP boosted its holdings in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth about $1,054,189,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNC has been the subject of several analyst reports. UBS Group boosted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Morgan Stanley lifted their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a report on Thursday, July 23rd. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Argus lifted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 6,654 shares of company stock worth $1,627,011. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $242.24 on Friday. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The firm’s 50 day moving average price is $249.40 and its 200 day moving average price is $229.61. The company has a market cap of $96.64 billion, a P/E ratio of 13.33, a PEG ratio of 0.96 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the company posted $3.85 EPS. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.