Washington Trust Bank Lowers Stake in The PNC Financial Services Group, Inc $PNC

Washington Trust Bank lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 15.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,812 shares of the financial services provider’s stock after selling 13,033 shares during the quarter. The PNC Financial Services Group makes up about 1.2% of Washington Trust Bank’s portfolio, making the stock its 22nd biggest position. Washington Trust Bank’s holdings in The PNC Financial Services Group were worth $17,435,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PNC. Cvfg LLC boosted its position in The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after purchasing an additional 43 shares in the last quarter. Trust Asset Management LLC raised its stake in shares of The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after acquiring an additional 43 shares in the last quarter. Baron Wealth Management LLC raised its stake in shares of The PNC Financial Services Group by 3.0% during the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock worth $325,000 after acquiring an additional 46 shares in the last quarter. Atom Investors LP lifted its position in The PNC Financial Services Group by 1.8% during the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock valued at $529,000 after acquiring an additional 46 shares during the last quarter. Finally, Flavin Financial Services Inc. lifted its position in The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock valued at $2,847,000 after acquiring an additional 48 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Citigroup lifted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Barclays increased their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Robert W. Baird boosted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Truist Financial boosted their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Finally, Argus upped their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. One 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 MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 6,654 shares of company stock worth $1,627,011. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Down 0.5%

PNC stock opened at $242.24 on Friday. The company has a market capitalization of $96.64 billion, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The firm’s fifty day simple moving average is $249.40 and its 200-day simple moving average is $229.61. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm 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 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

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