Independence Bank of Kentucky Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Independence Bank of Kentucky raised its stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 230.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,260 shares of the financial services provider's stock after buying an additional 6,455 shares during the quarter. Independence Bank of Kentucky's holdings in The PNC Financial Services Group were worth $1,712,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Capital International Investors lifted its position in The PNC Financial Services Group by 0.5% in the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider's stock valued at $2,556,195,000 after buying an additional 78,407 shares during the last quarter. Ameriprise Financial Inc. increased its stake in The PNC Financial Services Group by 0.4% during the second quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider's stock worth $746,772,000 after purchasing an additional 18,397 shares during the period. Legal & General Group Plc increased its stake in The PNC Financial Services Group by 6.8% during the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider's stock worth $544,335,000 after purchasing an additional 223,955 shares during the period. Dimensional Fund Advisors LP increased its stake in The PNC Financial Services Group by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider's stock worth $346,926,000 after purchasing an additional 100,993 shares during the period. Finally, Hsbc Holdings PLC increased its stake in The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider's stock worth $209,962,000 after purchasing an additional 262,654 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on PNC shares. The Goldman Sachs Group cut their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 11th. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 17th. Compass Point lowered shares of The PNC Financial Services Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 22nd. Evercore ISI boosted their price objective on The PNC Financial Services Group from $203.00 to $212.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley boosted their price objective on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of "Hold" and an average target price of $177.65.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded up $4.39 during trading hours on Friday, hitting $187.76. The stock had a trading volume of 1,386,805 shares, compared to its average volume of 1,851,862. The firm has a market capitalization of $74.63 billion, a PE ratio of 15.73, a PEG ratio of 2.01 and a beta of 1.14. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $189.17. The stock's 50 day moving average is $178.32 and its 200 day moving average is $165.86. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter in the prior year, the business earned $3.36 earnings per share. The company's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 53.60%.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $180.48, for a total transaction of $224,156.16. Following the completion of the sale, the chief executive officer now owns 560,911 shares in the company, valued at $101,233,217.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the transaction, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $180.48, for a total value of $224,156.16. Following the completion of the transaction, the chief executive officer now owns 560,911 shares of the company's stock, valued at $101,233,217.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,420 shares of company stock worth $4,212,785 over the last 90 days. 0.42% of the stock is currently owned by insiders.

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.