Washington Trust Bank Sells 6,466 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Washington Trust Bank trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,083 shares of the financial services provider’s stock after selling 6,466 shares during the period. The PNC Financial Services Group makes up approximately 1.5% of Washington Trust Bank’s portfolio, making the stock its 21st biggest position. Washington Trust Bank’s holdings in The PNC Financial Services Group were worth $15,830,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Winch Advisory Services LLC bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. increased its holdings in The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 140 shares in the last quarter. Albion Financial Group UT bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $30,000. Synergy Asset Management LLC bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $32,000. Finally, Rialto Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $32,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $173.35 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The business’s 50 day simple moving average is $190.03 and its 200 day simple moving average is $192.22. The company has a market cap of $68.60 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the firm posted $3.16 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.69%. The PNC Financial Services Group’s payout ratio is 46.55%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, December 27th. The shares were sold at an average price of $193.62, for a total transaction of $240,476.04. Following the sale, the chief executive officer now owns 528,797 shares of the company’s stock, valued at $102,385,675.14. The trade was a 0.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 12,420 shares of company stock valued at $2,369,165 in the last 90 days. 0.42% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on PNC shares. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Barclays boosted their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Piper Sandler boosted their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup boosted their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Compass Point boosted their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $203.71.

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.