Provident Trust Co. Has $372.41 Million Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Provident Trust Co. reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,118,750 shares of the financial services provider's stock after selling 23,882 shares during the quarter. The PNC Financial Services Group accounts for about 6.9% of Provident Trust Co.'s investment portfolio, making the stock its 6th largest position. Provident Trust Co. owned 0.54% of The PNC Financial Services Group worth $372,413,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PNC. Vanguard Group Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock worth $7,273,794,000 after purchasing an additional 268,827 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of The PNC Financial Services Group by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after purchasing an additional 549,278 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares in the last quarter. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth about $1,352,151,000. Finally, Northern Trust Corp boosted its holdings in shares of The PNC Financial Services Group by 14.9% in the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PNC has been the subject of a number of research reports. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Raymond James Financial upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a report on Tuesday, July 8th. Royal Bank Of Canada cut their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Citigroup cut their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday, March 24th. Finally, Wells Fargo & Company dropped their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus target price of $209.11.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,545 shares of company stock valued at $1,590,080 in the last 90 days. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Up 0.8%

Shares of PNC traded up $1.59 on Wednesday, reaching $193.73. The stock had a trading volume of 1,929,770 shares, compared to its average volume of 2,145,678. The firm has a market capitalization of $76.63 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.56 and a beta of 1.07. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $180.60 and a 200-day simple moving average of $180.15. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The company's revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.39 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 48.02%.

The PNC Financial Services Group 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.