Cornerstone Wealth Management LLC Sells 4,405 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Cornerstone Wealth Management LLC reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 78.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,204 shares of the financial services provider’s stock after selling 4,405 shares during the period. Cornerstone Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $223,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Valley Brook Capital Group Inc. raised its position in The PNC Financial Services Group by 0.6% in the 2nd quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock valued at $1,648,000 after buying an additional 62 shares during the last quarter. Kowal Investment Group LLC lifted its position in shares of The PNC Financial Services Group by 2.6% during the second quarter. Kowal Investment Group LLC now owns 2,644 shares of the financial services provider’s stock valued at $411,000 after purchasing an additional 68 shares in the last quarter. Ranch Capital Advisors Inc. grew its position in The PNC Financial Services Group by 1.0% in the 2nd quarter. Ranch Capital Advisors Inc. now owns 7,137 shares of the financial services provider’s stock worth $1,110,000 after purchasing an additional 69 shares in the last quarter. Cooper Financial Group increased its stake in The PNC Financial Services Group by 1.7% in the 1st quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after buying an additional 70 shares during the last quarter. Finally, M&R Capital Management Inc. lifted its position in shares of The PNC Financial Services Group by 3.9% during the 3rd quarter. M&R Capital Management Inc. now owns 1,925 shares of the financial services provider’s stock worth $356,000 after buying an additional 72 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PNC. Evercore ISI increased their price target on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley lifted their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research note on Wednesday. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Jefferies Financial Group lifted their price objective on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Finally, The Goldman Sachs Group reduced their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average price target of $185.71.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $180.48, for a total value of $224,156.16. Following the transaction, the chief executive officer now owns 560,911 shares of the company’s stock, valued at $101,233,217.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $180.48, for a total value of $224,156.16. Following the completion of the sale, the chief executive officer now owns 560,911 shares of the company’s stock, valued at $101,233,217.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,420 shares of company stock valued at $4,223,131 over the last three months. 0.42% of the stock is owned by corporate insiders.

The PNC Financial Services Group Price Performance

PNC stock opened at $189.38 on Friday. The firm has a 50 day moving average of $180.83 and a 200-day moving average of $167.20. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $75.28 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 2.06 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $196.64.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The company 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 11.33% and a net margin of 15.53%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $3.60 earnings per share. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.60%.

The PNC Financial Services Group Company 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.