Independence Bank of Kentucky Has $1.71 Million Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Independence Bank of Kentucky grew its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 230.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,260 shares of the financial services provider’s stock after purchasing an additional 6,455 shares during the period. Independence Bank of Kentucky’s holdings in The PNC Financial Services Group were worth $1,712,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Biltmore Family Office LLC lifted its position in The PNC Financial Services Group by 0.5% during the 4th quarter. Biltmore Family Office LLC now owns 16,183 shares of the financial services provider’s stock worth $2,506,000 after buying an additional 85 shares in the last quarter. Groupama Asset Managment acquired a new position in The PNC Financial Services Group during the 4th quarter worth about $23,578,000. Grayhawk Investment Strategies Inc. acquired a new position in The PNC Financial Services Group during the 4th quarter worth about $1,200,000. Fort Sheridan Advisors LLC lifted its position in The PNC Financial Services Group by 2.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 4,254 shares of the financial services provider’s stock worth $659,000 after buying an additional 117 shares in the last quarter. Finally, O Dell Group LLC acquired a new position in The PNC Financial Services Group during the 4th quarter worth about $205,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 2.9 %

Shares of PNC stock traded up $5.40 during trading hours on Friday, hitting $188.77. 119,180 shares of the company were exchanged, compared to its average volume of 1,845,428. The company has a market capitalization of $75.04 billion, a PE ratio of 15.36, a PEG ratio of 2.01 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $188.77. The business has a 50 day moving average of $178.32 and a two-hundred day moving average of $165.86. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.36 earnings per share. Analysts anticipate that The PNC Financial Services Group, Inc. will post 13.18 earnings per share 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 Tuesday, November 5th. Investors of record on Wednesday, October 16th will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is 53.60%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $176.67, for a total value of $219,424.14. Following the completion of the transaction, the chief executive officer now directly owns 562,153 shares in the company, valued at approximately $99,315,570.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $176.67, for a total transaction of $219,424.14. Following the sale, the chief executive officer now directly owns 562,153 shares in the company, valued at $99,315,570.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,420 shares of company stock valued at $4,212,785. Company insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of several recent research reports. UBS Group boosted their price objective on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Evercore ISI boosted their price objective on The PNC Financial Services Group from $203.00 to $212.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $177.65.

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.