Covington Capital Management Grows Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Covington Capital Management boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 138.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,155 shares of the financial services provider’s stock after buying an additional 1,250 shares during the period. Covington Capital Management’s holdings in The PNC Financial Services Group were worth $340,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Citizens National Bank Trust Department purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $28,000. Mascoma Wealth Management LLC increased its stake in The PNC Financial Services Group by 89.8% in the first quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 79 shares during the period. Guardian Wealth Management Inc. purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $32,000. Covestor Ltd purchased a new stake in The PNC Financial Services Group in the fourth quarter worth $40,000. Finally, Toth Financial Advisory Corp purchased a new stake in The PNC Financial Services Group in the first quarter worth $43,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Michael P. Lyons sold 3,500 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $166.96, for a total transaction of $584,360.00. Following the sale, the executive vice president now directly owns 174,651 shares of the company’s stock, valued at $29,159,730.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $163.83 on Monday. The stock has a market cap of $67.19 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 2.45 and a beta of 1.21. The PNC Financial Services Group, Inc. has a 12 month low of $146.39 and a 12 month high of $228.14. The stock’s 50 day moving average price is $163.53 and its 200 day moving average price is $169.28. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.75 and a quick ratio of 0.75.

The PNC Financial Services Group (NYSE:PNCGet Rating) last announced its earnings results on Friday, July 15th. The financial services provider reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $0.31. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.13 billion. The PNC Financial Services Group had a net margin of 27.32% and a return on equity of 11.93%. The company’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.50 EPS. Equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 14.5 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Wednesday, July 13th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, July 12th. This represents a $6.00 annualized dividend and a yield of 3.66%. The PNC Financial Services Group’s dividend payout ratio is 46.95%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PNC shares. Jefferies Financial Group dropped their price target on The PNC Financial Services Group from $188.00 to $156.00 in a research report on Monday, July 11th. Barclays reduced their price target on The PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating for the company in a research report on Monday, July 18th. Piper Sandler set a $160.00 price objective on The PNC Financial Services Group in a report on Tuesday, July 19th. Evercore ISI set a $175.00 price target on The PNC Financial Services Group in a research note on Tuesday, July 19th. Finally, Credit Suisse Group lowered their price objective on The PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday, July 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $197.78.

The PNC Financial Services Group Company Profile

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The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of 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.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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