Provident Trust Co. Has $413.21 Million Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Provident Trust Co. reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,142,632 shares of the financial services provider's stock after selling 51,895 shares during the quarter. The PNC Financial Services Group comprises about 7.2% of Provident Trust Co.'s portfolio, making the stock its 6th biggest position. Provident Trust Co. owned approximately 0.54% of The PNC Financial Services Group worth $413,207,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PNC. International Assets Investment Management LLC raised its stake in shares of The PNC Financial Services Group by 12,940.0% in the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider's stock worth $99,262,000 after purchasing an additional 532,871 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of The PNC Financial Services Group by 160.9% in the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider's stock worth $129,836,000 after purchasing an additional 433,178 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of The PNC Financial Services Group by 88.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider's stock worth $108,217,000 after purchasing an additional 274,186 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of The PNC Financial Services Group by 129.3% in the third quarter. Toronto Dominion Bank now owns 447,755 shares of the financial services provider's stock worth $82,768,000 after purchasing an additional 252,473 shares during the last quarter. Finally, Eastern Bank raised its stake in shares of The PNC Financial Services Group by 1,884.1% in the third quarter. Eastern Bank now owns 248,812 shares of the financial services provider's stock worth $45,993,000 after purchasing an additional 236,272 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNC has been the subject of several analyst reports. Piper Sandler increased their price objective 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. Barclays increased their price objective 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. Truist Financial upped their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a "hold" rating in a report on Friday, January 17th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Finally, Morgan Stanley increased their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an "underweight" rating in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $205.00.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, November 29th. The stock was sold at an average price of $216.01, for a total value of $268,284.42. Following the completion of the transaction, the chief executive officer now directly owns 533,765 shares in the company, valued at approximately $115,298,577.65. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 12,420 shares of company stock worth $2,474,722. 0.42% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC traded down $3.99 during trading hours on Friday, reaching $187.90. The stock had a trading volume of 1,991,887 shares, compared to its average volume of 2,191,146. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day simple moving average of $196.08 and a 200 day simple moving average of $191.64. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. The stock has a market cap of $74.55 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.57 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the business posted $3.16 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.55%.

The PNC Financial Services Group Company 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.