The PNC Financial Services Group, Inc $PNC is Covington Investment Advisors Inc.'s 10th Largest Position

Covington Investment Advisors Inc. cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 9.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,081 shares of the financial services provider's stock after selling 9,116 shares during the quarter. The PNC Financial Services Group makes up about 2.7% of Covington Investment Advisors Inc.'s investment portfolio, making the stock its 10th biggest position. Covington Investment Advisors Inc.'s holdings in The PNC Financial Services Group were worth $20,949,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PNC. Mowery & Schoenfeld Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at approximately $28,000. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $25,000. Archer Investment Corp purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at approximately $33,000. Finally, Modus Advisors LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $29,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on PNC shares. Robert W. Baird boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Argus raised their target price on shares of 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. Stephens lifted their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Finally, Citigroup boosted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $265.73.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,654 shares of company stock valued at $1,627,011 over the last ninety days. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $239.70 on Tuesday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The stock has a market capitalization of $95.63 billion, a P/E ratio of 13.19, a PEG ratio of 0.96 and a beta of 0.91. The firm has a fifty day simple moving average of $249.51 and a two-hundred day simple moving average of $229.53. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate 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 was up 21.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.85 EPS. On average, analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed 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 of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group's payout ratio is presently 44.03%.

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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