Covington Investment Advisors Inc. Grows Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Covington Investment Advisors Inc. raised its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 94,489 shares of the financial services provider’s stock after buying an additional 1,412 shares during the period. The PNC Financial Services Group comprises 2.6% of Covington Investment Advisors Inc.’s holdings, making the stock its 10th largest position. Covington Investment Advisors Inc.’s holdings in The PNC Financial Services Group were worth $17,466,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospector Partners LLC grew its stake in The PNC Financial Services Group by 18.7% during the 3rd quarter. Prospector Partners LLC now owns 91,780 shares of the financial services provider’s stock valued at $16,966,000 after acquiring an additional 14,430 shares in the last quarter. D.A. Davidson & CO. raised its holdings in shares of The PNC Financial Services Group by 2.2% during the 3rd quarter. D.A. Davidson & CO. now owns 110,070 shares of the financial services provider’s stock valued at $20,346,000 after purchasing an additional 2,335 shares in the last quarter. Private Trust Co. NA lifted its position in shares of The PNC Financial Services Group by 3.6% in the third quarter. Private Trust Co. NA now owns 9,944 shares of the financial services provider’s stock worth $1,838,000 after buying an additional 341 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in The PNC Financial Services Group by 8.7% during the third quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 50 shares during the period. Finally, Independent Advisor Alliance grew its stake in The PNC Financial Services Group by 2.9% in the 3rd quarter. Independent Advisor Alliance now owns 15,955 shares of the financial services provider’s stock valued at $2,949,000 after buying an additional 454 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $205.98, for a total transaction of $255,827.16. Following the completion of the transaction, the chief executive officer now directly owns 535,007 shares of the company’s stock, valued at $110,200,741.86. The trade was a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,788 shares of company stock valued at $5,573,027 over the last 90 days. 0.42% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

The PNC Financial Services Group Trading Up 1.1 %

Shares of NYSE PNC opened at $212.39 on Tuesday. The stock has a market cap of $84.27 billion, a price-to-earnings ratio of 17.95, a P/E/G ratio of 2.20 and a beta of 1.13. The PNC Financial Services Group, Inc. has a twelve month low of $127.49 and a twelve month high of $214.64. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The company’s fifty day moving average is $191.64 and its 200-day moving average is $175.22.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.60 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

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

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.