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

Provident Trust Co. lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 28.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 comprises about 8.7% of Provident Trust Co.’s investment portfolio, making the stock its 5th largest position. Provident Trust Co. owned approximately 0.31% of The PNC Financial Services Group worth $278,780,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in The PNC Financial Services Group during the 2nd quarter worth $7,921,455,000. Bank of America Corp DE bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth about $2,102,631,000. Deutsche Bank AG bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth about $1,054,189,000. Jupiter Topco LLC acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $756,877,000. Finally, Legal & General Group Plc acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $669,168,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Barclays lifted their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Citigroup reduced their target price on The PNC Financial Services Group from $290.00 to $270.00 and set a “buy” rating on the stock in a report on Monday, October 19th. Bank of America decreased their target price on The PNC Financial Services Group from $291.00 to $276.00 in a research report on Thursday, October 8th. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $258.00 to $259.00 and gave the company an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group dropped their price target on The PNC Financial Services Group from $305.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $266.17.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $227.88 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.23. The PNC Financial Services Group, Inc has a fifty-two week low of $177.08 and a fifty-two week high of $258.96. The firm has a 50-day simple moving average of $230.03 and a 200 day simple moving average of $228.88. The company has a market cap of $90.91 billion, a PE ratio of 12.13, a P/E/G ratio of 1.18 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter last year, the company posted $4.35 earnings per share. The PNC Financial Services Group’s revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be given a dividend of $2.00 per share. 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 dividend payout ratio is presently 42.58%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

About The PNC Financial Services Group

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.