The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Stock Yards Bank & Trust Co.

Stock Yards Bank & Trust Co. reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 56,156 shares of the financial services provider’s stock after selling 6,554 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in The PNC Financial Services Group were worth $8,731,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PNC. Grayhawk Investment Strategies Inc. acquired a new position in The PNC Financial Services Group during the fourth quarter worth $1,200,000. Envestnet Asset Management Inc. grew its stake in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,548,543 shares of the financial services provider’s stock valued at $239,792,000 after buying an additional 6,657 shares in the last quarter. Groupama Asset Managment purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at $23,578,000. Integrated Advisors Network LLC lifted its stake in The PNC Financial Services Group by 7.3% during the 4th quarter. Integrated Advisors Network LLC now owns 2,182 shares of the financial services provider’s stock worth $338,000 after acquiring an additional 148 shares in the last quarter. Finally, Equity Investment Corp boosted its holdings in The PNC Financial Services Group by 3.4% during the 1st quarter. Equity Investment Corp now owns 682,532 shares of the financial services provider’s stock valued at $110,297,000 after acquiring an additional 22,188 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $180.98 on Tuesday. The firm has a market cap of $71.94 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.97 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84. The stock’s 50-day moving average is $175.61 and its two-hundred day moving average is $162.13. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $3.36 EPS. Analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were paid a $1.60 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.54%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. 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 firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,263 shares of company stock worth $4,418,109. 0.42% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PNC shares. Evercore ISI increased their price target on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Citigroup raised their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Finally, UBS Group upped their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $176.90.

About The PNC Financial Services Group

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.