WASHINGTON TRUST Co Sells 349 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

WASHINGTON TRUST Co decreased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,436 shares of the financial services provider’s stock after selling 349 shares during the quarter. WASHINGTON TRUST Co’s holdings in The PNC Financial Services Group were worth $1,151,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its holdings in shares of The PNC Financial Services Group by 1.0% during the second quarter. State Street Corp now owns 17,127,040 shares of the financial services provider’s stock valued at $2,157,151,000 after acquiring an additional 170,387 shares in the last quarter. FMR LLC boosted its position in The PNC Financial Services Group by 6.7% in the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after purchasing an additional 893,808 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of The PNC Financial Services Group by 7.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after buying an additional 860,489 shares during the period. Geode Capital Management LLC increased its stake in The PNC Financial Services Group by 2.4% in the 1st quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after acquiring an additional 171,876 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of The PNC Financial Services Group by 10.4% in the third quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock valued at $634,024,000 after purchasing an additional 484,475 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC traded up $1.49 on Thursday, reaching $161.46. 631,105 shares of the stock traded hands, compared to its average volume of 2,218,443. The firm has a market cap of $64.23 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 1.79 and a beta of 1.17. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.84. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $161.69. The stock’s 50-day moving average price is $149.73 and its 200-day moving average price is $138.10.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, beating the consensus estimate of $2.12 by $1.04. The business had revenue of $5.36 billion for the quarter, compared to analyst estimates of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The PNC Financial Services Group’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.49 EPS. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 12.4 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Shareholders of record on Tuesday, January 16th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Friday, January 12th. The PNC Financial Services Group’s dividend payout ratio is currently 48.48%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. UBS Group raised their price target on The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Piper Sandler lifted their target price on The PNC Financial Services Group from $125.00 to $143.00 and gave the company a “neutral” rating in a report on Friday, December 8th. Keefe, Bruyette & Woods raised their price target on The PNC Financial Services Group from $125.00 to $145.00 and gave the company an “underperform” rating in a research note on Wednesday, January 3rd. Evercore ISI raised their price target on The PNC Financial Services Group from $180.00 to $184.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, The Goldman Sachs Group raised their price target on The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a research note on Tuesday, December 19th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average target price of $152.87.

Insiders Place Their Bets

In related news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.

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.