The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,715 shares of the financial services provider’s stock after selling 267 shares during the period. Cornerstone Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $924,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rockline Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth $1,825,000. AQR Capital Management LLC raised its holdings in shares of The PNC Financial Services Group by 144.2% during the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock worth $14,032,000 after purchasing an additional 67,490 shares during the last quarter. Trust Point Inc. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth $459,000. McGlone Suttner Wealth Management Inc. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth $295,000. Finally, Vaughan David Investments LLC IL raised its holdings in shares of The PNC Financial Services Group by 5.7% during the fourth quarter. Vaughan David Investments LLC IL now owns 251,447 shares of the financial services provider’s stock worth $38,937,000 after purchasing an additional 13,648 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded down $1.05 on Thursday, reaching $157.79. 914,084 shares of the company were exchanged, compared to its average volume of 1,441,293. The company has a market cap of $62.79 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 2.26 and a beta of 1.15. The business has a 50-day moving average price of $155.21 and a 200 day moving average price of $153.05. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The PNC Financial Services Group’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.98 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 12.65 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is 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 dividend on an annualized basis and a yield of 4.06%. The PNC Financial Services Group’s payout ratio is presently 52.06%.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent research reports. Bank of America raised their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $155.00 in a report on Thursday, March 28th. Evercore ISI lifted their price objective on shares of The PNC Financial Services Group from $180.00 to $184.00 and gave the company an “outperform” rating in a report on Tuesday, June 25th. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Finally, Jefferies Financial Group lifted their price objective on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $158.56.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 641 shares of the business’s 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 transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares in the company, valued at approximately $545,856.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 641 shares of the business’s 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 owns 567,682 shares in the company, valued at $86,900,760.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,132 shares of company stock worth $328,809. 0.42% of the stock is owned by insiders.

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.