The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 94,489 shares of the financial services provider’s stock after purchasing an additional 1,412 shares during the quarter. The PNC Financial Services Group comprises about 2.6% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 10th largest position. Covington Investment Advisors Inc.’s holdings in The PNC Financial Services Group were worth $17,466,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PNC. Ameriprise Financial Inc. boosted its stake in shares of 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 valued at $746,772,000 after acquiring an additional 18,397 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of 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 valued at $544,335,000 after buying an additional 223,955 shares during the period. Charles Schwab Investment Management Inc. boosted its position in The PNC Financial Services Group by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,440,098 shares of the financial services provider’s stock worth $451,052,000 after acquiring an additional 6,438 shares during the last quarter. Principal Financial Group Inc. grew its stake in The PNC Financial Services Group by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock worth $420,621,000 after acquiring an additional 22,271 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of The PNC Financial Services Group by 4.7% during the 2nd 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. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 48.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the transaction, the chief executive officer now owns 554,701 shares of the company’s stock, valued at $101,604,582.17. This trade represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,788 shares of company stock valued at $5,573,027. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Up 1.1 %

Shares of The PNC Financial Services Group stock opened at $212.39 on Tuesday. The PNC Financial Services Group, Inc. has a 1-year low of $127.49 and a 1-year high of $214.64. The company has a market capitalization of $84.27 billion, a PE ratio of 17.95, a P/E/G ratio of 2.20 and a beta of 1.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The business has a 50-day moving average of $191.64 and a 200-day moving average of $175.22.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.60 EPS. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were paid a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.01%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Analysts Set New Price Targets

PNC has been the subject of several analyst reports. Citigroup upped their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday. Evercore ISI increased their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Stephens lifted their price objective on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Barclays increased their target price on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $189.15.

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.