Washington Trust Bank Has $15.10 Million Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Washington Trust Bank boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,914 shares of the financial services provider's stock after purchasing an additional 3,831 shares during the quarter. The PNC Financial Services Group accounts for about 1.5% of Washington Trust Bank's portfolio, making the stock its 24th largest holding. Washington Trust Bank's holdings in The PNC Financial Services Group were worth $15,101,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $299,864,000. GAMMA Investing LLC grew its position in The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares in the last quarter. Schroder Investment Management Group grew its position in The PNC Financial Services Group by 166.1% during the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after buying an additional 860,554 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after buying an additional 726,115 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $1.78 during trading hours on Tuesday, reaching $198.03. The stock had a trading volume of 1,333,881 shares, compared to its average volume of 2,118,032. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The stock has a market capitalization of $78.33 billion, a PE ratio of 13.96, a PEG ratio of 1.66 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's 50-day moving average is $176.56 and its two-hundred day moving average is $179.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The company had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. Research analysts expect 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 announced 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 is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 45.20%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $179.14, for a total value of $222,491.88. Following the sale, the chief executive officer owned 556,121 shares of the company's stock, valued at approximately $99,623,515.94. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,787 shares of company stock valued at $1,782,794 in the last three months. Insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNC. Barclays reduced their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Truist Financial reduced their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Finally, Keefe, Bruyette & Woods cut their target price on The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average price target of $207.11.

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.