Avalon Trust Co Sells 2,905 Shares of The PNC Financial Services Group, Inc $PNC

Avalon Trust Co lowered its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,229 shares of the financial services provider’s stock after selling 2,905 shares during the quarter. The PNC Financial Services Group comprises about 1.6% of Avalon Trust Co’s investment portfolio, making the stock its 17th biggest position. Avalon Trust Co’s holdings in The PNC Financial Services Group were worth $24,961,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PNC. Kennebec Savings Bank raised its holdings in The PNC Financial Services Group by 1.6% during the third quarter. Kennebec Savings Bank now owns 3,424 shares of the financial services provider’s stock valued at $688,000 after buying an additional 54 shares in the last quarter. Winthrop Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 2.1% in the 2nd quarter. Winthrop Capital Management LLC now owns 2,619 shares of the financial services provider’s stock valued at $488,000 after acquiring an additional 55 shares in the last quarter. SCS Capital Management LLC lifted its holdings in The PNC Financial Services Group by 0.6% in the 2nd quarter. SCS Capital Management LLC now owns 8,527 shares of the financial services provider’s stock worth $1,590,000 after purchasing an additional 55 shares during the last quarter. Webster Bank N. A. boosted its position in The PNC Financial Services Group by 0.5% during the third quarter. Webster Bank N. A. now owns 10,975 shares of the financial services provider’s stock worth $2,205,000 after purchasing an additional 55 shares during the period. Finally, YANKCOM Partnership boosted its position in The PNC Financial Services Group by 2.3% during the third quarter. YANKCOM Partnership now owns 2,537 shares of the financial services provider’s stock worth $510,000 after purchasing an additional 57 shares during the period. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Up 1.1%

Shares of PNC opened at $232.95 on Monday. The stock’s 50-day moving average price is $221.41 and its 200 day moving average price is $203.50. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $91.35 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 0.97 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The PNC Financial Services Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.77 EPS. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is 40.99%.

Analyst Ratings Changes

A number of analysts have recently weighed in on PNC shares. JPMorgan Chase & Co. boosted their price objective on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Morgan Stanley raised their price target on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada boosted their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Finally, Barclays raised their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $234.44.

Insider Activity

In related news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the sale, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 14,186 shares of company stock worth $3,296,973. 0.41% of the stock is currently owned by corporate insiders.

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.