Provident Trust Co. Has $422.54 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Provident Trust Co. trimmed its stake in The PNC Financial Services Group by 4.3% in Q4 to 2,024,341 shares valued at about $422.54 million, making PNC its sixth-largest holding (7.1% of the fund).
• PNC reported quarterly EPS of $4.32 (beating estimates by $0.40) with revenue up 13.1% year-over-year, declared a quarterly dividend of $1.70 (annualized $6.80, ~3.1% yield), and carries a Wall Street consensus of "Moderate Buy" with an average target of $241.72.
• Insiders sold shares recently — CEO William S. Demchak sold 50,000 shares (~$11.5M) — while institutional investors own about 83.5% of PNC's stock.

Provident Trust Co. lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,024,341 shares of the financial services provider's stock after selling 90,884 shares during the quarter. The PNC Financial Services Group makes up 7.1% of Provident Trust Co.'s holdings, making the stock its 6th biggest position. Provident Trust Co. owned about 0.52% of The PNC Financial Services Group worth $422,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC grew its holdings in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after buying an additional 170 shares in the last quarter. Sivia Capital Partners LLC grew its holdings in The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after buying an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after buying an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in The PNC Financial Services Group during the second quarter worth $482,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Bank of America upped their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Truist Financial upped their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research note on Thursday, April 16th. Finally, Barclays upped their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $241.72.

The PNC Financial Services Group Stock Down 0.9%

The PNC Financial Services Group stock opened at $220.92 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $89.11 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 0.92 and a beta of 0.94. The PNC Financial Services Group, Inc has a 1-year low of $163.11 and a 1-year high of $243.94. The business has a fifty day moving average price of $213.91 and a 200-day moving average price of $208.44.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.51 EPS. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 50,000 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares of the company's stock, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the firm's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president directly owned 18,867 shares of the company's stock, valued at $4,415,066.67. The trade was a 18.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 64,186 shares of company stock worth $14,840,973 over the last quarter. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company 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.

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