Washington Trust Bank Sells 2,788 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Washington Trust Bank decreased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,549 shares of the financial services provider’s stock after selling 2,788 shares during the period. The PNC Financial Services Group accounts for about 1.6% of Washington Trust Bank’s holdings, making the stock its 22nd biggest holding. Washington Trust Bank’s holdings in The PNC Financial Services Group were worth $16,368,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PNC. Principal Financial Group Inc. increased its position in shares of The PNC Financial Services Group by 1.0% during the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock worth $420,621,000 after buying an additional 22,271 shares during the period. Cozad Asset Management Inc. acquired a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $204,000. Jackson Square Capital LLC bought a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at $4,844,000. Advisor Resource Council acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $498,000. Finally, Graypoint LLC boosted its stake in The PNC Financial Services Group by 10.3% during the third quarter. Graypoint LLC now owns 2,814 shares of the financial services provider’s stock worth $520,000 after acquiring an additional 262 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI raised their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. UBS Group lifted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average price target of $185.71.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $203.11 on Thursday. The PNC Financial Services Group, Inc. has a one year low of $118.56 and a one year high of $205.06. The company has a 50-day simple moving average of $184.75 and a two-hundred day simple moving average of $170.42. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $80.59 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 1.98 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.60 earnings per share. On average, analysts anticipate that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $171.80, for a total value of $213,375.60. Following the sale, the chief executive officer now directly owns 557,185 shares of the company’s stock, valued at approximately $95,724,383. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the sale, the director now owns 915 shares in the company, valued at $170,299.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $171.80, for a total transaction of $213,375.60. Following the completion of the transaction, the chief executive officer now owns 557,185 shares of the company’s stock, valued at approximately $95,724,383. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,521 shares of company stock worth $2,653,950. 0.42% of the stock is owned by insiders.

The PNC Financial Services Group Company Profile

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.