WASHINGTON TRUST Co Decreases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

WASHINGTON TRUST Co decreased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,339 shares of the financial services provider’s stock after selling 252 shares during the quarter. WASHINGTON TRUST Co’s holdings in The PNC Financial Services Group were worth $986,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $26,000. Bank & Trust Co bought a new position in shares of The PNC Financial Services Group in the second quarter worth $26,000. LRI Investments LLC purchased a new position in shares of The PNC Financial Services Group in the first quarter valued at $28,000. Palisade Asset Management LLC bought a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at $29,000. Finally, Core Wealth Advisors Inc. purchased a new stake in The PNC Financial Services Group during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PNC shares. Royal Bank of Canada increased their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Citigroup increased their target price on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Bank of America boosted their price target on shares of The PNC Financial Services Group from $169.00 to $185.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Finally, StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus target price of $176.09.

The PNC Financial Services Group Trading Up 0.4 %

NYSE:PNC traded up $0.69 during midday trading on Tuesday, reaching $167.71. 679,216 shares of the stock traded hands, compared to its average volume of 1,922,597. The stock has a market capitalization of $66.73 billion, a P/E ratio of 14.02, a PEG ratio of 2.17 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $182.84. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The company has a fifty day moving average of $163.82 and a 200 day moving average of $156.87.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.36 earnings per share. On average, research analysts predict that The PNC Financial Services Group, Inc. will post 13.04 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a dividend of $1.60 per share. The ex-dividend date was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.82%. The PNC Financial Services Group’s payout ratio is 53.74%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the sale, the chief executive officer now owns 567,682 shares in the company, valued at $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $173.82, for a total value of $215,884.44. Following the completion of the transaction, the chief executive officer now owns 559,669 shares of the company’s stock, valued at approximately $97,281,665.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the sale, the chief executive officer now owns 567,682 shares in the company, valued at $86,900,760.56. The disclosure for this sale can be found here. Insiders sold a total of 20,295 shares of company stock worth $3,547,181 over the last quarter. 0.42% of the stock is owned by corporate insiders.

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.