Washington Trust Bank cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 15.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 70,812 shares of the financial services provider’s stock after selling 13,033 shares during the period. The PNC Financial Services Group makes up about 1.2% of Washington Trust Bank’s portfolio, making the stock its 22nd largest holding. Washington Trust Bank’s holdings in The PNC Financial Services Group were worth $17,435,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of PNC. BlackRock Inc. purchased a new position in The PNC Financial Services Group during the second quarter worth approximately $7,921,455,000. State Street Corp increased its position in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after buying an additional 77,302 shares in the last quarter. Capital International Investors increased its position in shares of The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after buying an additional 30,078 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
Insider Transactions at The PNC Financial Services Group
In related news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated 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 sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 6,654 shares of company stock valued at $1,627,011. Corporate insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Stock Down 0.5%
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm’s revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.85 EPS. Equities 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.
Analyst Upgrades and Downgrades
PNC has been the topic of a number of research analyst reports. Robert W. Baird lifted their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Barclays increased their price objective on shares of 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. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $265.73.
Read Our Latest Analysis on PNC
The PNC Financial Services Group Company 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.
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