Provident Trust Co. Grows Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Provident Trust Co. increased its PNC stake by 4,747 shares to 1.75 million shares, valued at approximately $431 million. PNC now represents about 9% of the fund’s portfolio, while institutional investors collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also raised its quarterly dividend to $2.00 per share, implying a 3.3% annual yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $265.73. Recent targets range from $264 to $285, although Deutsche Bank downgraded the stock to “Hold.”

Provident Trust Co. boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,750,507 shares of the financial services provider's stock after buying an additional 4,747 shares during the quarter. The PNC Financial Services Group makes up about 9.0% of Provident Trust Co.'s holdings, making the stock its 4th biggest position. Provident Trust Co. owned about 0.44% of The PNC Financial Services Group worth $431,010,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $28,000. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the fourth quarter valued at $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Archer Investment Corp bought a new position in shares of The PNC Financial Services Group in the second quarter valued at $33,000. Finally, Modus Advisors LLC bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Down 0.5%

Shares of The PNC Financial Services Group stock opened at $242.24 on Friday. The company has a 50-day simple moving average of $249.40 and a two-hundred day simple moving average of $229.61. The stock has a market capitalization of $96.64 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business's revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.85 earnings per share. On average, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS 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. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is 44.03%.

Analysts Set New Price Targets

Several brokerages have weighed in on PNC. Argus raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price for the company. in a research note on Thursday, July 23rd. Truist Financial increased their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Barclays raised their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Finally, Wells Fargo & Company boosted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $265.73.

Insiders Place Their Bets

In related news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value 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 $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source