Independence Bank of Kentucky Has $436,000 Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Independence Bank of Kentucky lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 21.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 2,805 shares of the financial services provider’s stock after acquiring an additional 489 shares during the period. Independence Bank of Kentucky’s holdings in The PNC Financial Services Group were worth $436,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Bank & Trust Co acquired a new stake in The PNC Financial Services Group during the second quarter valued at approximately $26,000. ORG Partners LLC boosted its stake in The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares in the last quarter. LRI Investments LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter valued at $28,000. Palisade Asset Management LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at $29,000. Finally, Core Wealth Advisors Inc. acquired a new position in The PNC Financial Services Group during the fourth quarter worth $31,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 that occurred on Friday, August 16th. The shares were sold at an average price of $171.80, for a total value of $213,375.60. Following the transaction, the chief executive officer now owns 557,185 shares of the company’s stock, valued at $95,724,383. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the transaction, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $171.80, for a total transaction of $213,375.60. Following the sale, the chief executive officer now directly owns 557,185 shares in the company, valued at $95,724,383. The disclosure for this sale can be found here. In the last three months, insiders sold 22,779 shares of company stock valued at $3,971,833. 0.42% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PNC shares. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Morgan Stanley increased their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group increased their price objective on shares of The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Finally, Evercore ISI boosted their target price on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $177.02.

The PNC Financial Services Group Stock Up 1.8 %

Shares of NYSE:PNC opened at $178.10 on Monday. The company has a 50 day moving average price of $167.38 and a two-hundred day moving average price of $158.34. 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 company has a market capitalization of $70.87 billion, a PE ratio of 14.95, a PEG ratio of 1.92 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $182.84.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.36 EPS. Analysts forecast 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were given a $1.60 dividend. The ex-dividend date of this dividend was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.59%. The PNC Financial Services Group’s payout ratio is currently 53.74%.

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.