The PNC Financial Services Group, Inc $PNC Stock Holdings Decreased by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.7% in the second quarter, according to the company in its most recent 13F filing 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 accounts for 2.7% of Covington Investment Advisors Inc.’s portfolio, making the stock its 10th biggest holding. Covington Investment Advisors Inc.’s holdings in The PNC Financial Services Group were worth $20,949,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Oarsman Capital Inc. boosted its stake in shares of The PNC Financial Services Group by 46.2% during the second quarter. Oarsman Capital Inc. now owns 1,499 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 474 shares during the period. Quantitative Investment Management LLC lifted its holdings in The PNC Financial Services Group by 607.6% during the 2nd quarter. Quantitative Investment Management LLC now owns 9,545 shares of the financial services provider’s stock valued at $2,350,000 after buying an additional 8,196 shares in the last quarter. Ancora Advisors LLC lifted its holdings in The PNC Financial Services Group by 1.6% during the 2nd quarter. Ancora Advisors LLC now owns 9,065 shares of the financial services provider’s stock valued at $2,232,000 after buying an additional 140 shares in the last quarter. Flputnam Investment Management Co. boosted its position in The PNC Financial Services Group by 1.0% in the 2nd quarter. Flputnam Investment Management Co. now owns 14,031 shares of the financial services provider’s stock valued at $3,455,000 after buying an additional 136 shares during the period. Finally, Provident Trust Co. grew its stake in The PNC Financial Services Group by 0.3% in the 2nd quarter. Provident Trust Co. now owns 1,750,507 shares of the financial services provider’s stock worth $431,010,000 after acquiring an additional 4,747 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 1.0%

The PNC Financial Services Group stock opened at $239.70 on Tuesday. The business has a fifty day moving average of $249.51 and a two-hundred day 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 firm has a market cap of $95.63 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) 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 business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.85 EPS. On average, analysts forecast 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 announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s payout ratio is presently 44.03%.

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 shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred 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 owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PNC has been the subject of several research analyst reports. Argus lifted their price target 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 target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Oppenheimer increased their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective for the company. in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

About The PNC Financial Services Group

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.