Provident Trust Co. Lowers Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Provident Trust Co. reduced its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,143,412 shares of the financial services provider’s stock after selling 16,360 shares during the period. The PNC Financial Services Group comprises 6.8% of Provident Trust Co.’s portfolio, making the stock its 6th largest holding. Provident Trust Co. owned 0.54% of The PNC Financial Services Group worth $331,907,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. OFI Invest Asset Management purchased a new stake in The PNC Financial Services Group in the 3rd quarter worth approximately $25,000. BKM Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $26,000. Tennessee Valley Asset Management Partners bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $26,000. Fortitude Family Office LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth $28,000. Finally, Householder Group Estate & Retirement Specialist LLC increased its stake in The PNC Financial Services Group by 350.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock worth $28,000 after buying an additional 140 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 0.1 %

Shares of The PNC Financial Services Group stock traded down $0.19 during trading on Friday, hitting $156.11. The stock had a trading volume of 979,208 shares, compared to its average volume of 1,683,569. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s fifty day simple moving average is $152.76 and its 200-day simple moving average is $143.22. The stock has a market cap of $62.10 billion, a PE ratio of 13.11, a PEG ratio of 1.76 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the prior year, the firm posted $3.98 earnings per share. The company’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.65 EPS 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 Sunday, May 5th. Stockholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $152.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and increased their price objective for the company from $141.00 to $155.00 in a report on Thursday, March 28th. Jefferies Financial Group lowered their target price on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a report on Wednesday, April 17th. Finally, Bank of America raised their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $156.63.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.42% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.