Washington Trust Bank Has $15.83 Million Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Washington Trust Bank trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 7.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,083 shares of the financial services provider's stock after selling 6,466 shares during the quarter. The PNC Financial Services Group accounts for 1.5% of Washington Trust Bank's portfolio, making the stock its 21st largest 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Winch Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $25,000. Richardson Financial Services Inc. increased its stake in The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 140 shares during the period. Albion Financial Group UT acquired a new position in The PNC Financial Services Group in the fourth quarter worth about $30,000. Rialto Wealth Management LLC bought a new position in The PNC Financial Services Group during the fourth quarter worth about $32,000. Finally, Synergy Asset Management LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $32,000. 83.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PNC shares. The Goldman Sachs Group dropped their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. 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. Citigroup cut their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating for the company in a report on Monday. Truist Financial upped their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a "hold" rating in a report on Friday, January 17th. Finally, Compass Point lifted their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Hold" and a consensus target price of $201.65.

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Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $193.62, for a total value of $240,476.04. Following the completion of the sale, the chief executive officer now owns 528,797 shares in the company, valued at approximately $102,385,675.14. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 13,662 shares of company stock worth $2,582,789. Insiders own 0.42% of the company's stock.

The PNC Financial Services Group Trading Down 0.0 %

Shares of PNC stock traded down $0.00 on Wednesday, reaching $176.88. 1,846,952 shares of the stock were exchanged, compared to its average volume of 1,764,833. The stock has a 50 day moving average price of $189.33 and a 200 day moving average price of $192.31. The stock has a market cap of $70.00 billion, a PE ratio of 12.86, a P/E/G ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

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, 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 company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company posted $3.16 EPS. The company's revenue was up 3.8% compared to the same quarter last year. Equities 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 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. This represents a $6.40 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Wednesday, January 15th. The PNC Financial Services Group's dividend payout ratio 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.