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

Cornerstone Wealth Management LLC lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 78.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 Securities and Exchange Commission.

Several other large investors have also made changes to their positions in PNC. BSN CAPITAL PARTNERS Ltd bought a new stake in The PNC Financial Services Group during the third quarter worth $12,548,000. Deerfield Management Company L.P. Series C acquired a new stake in The PNC Financial Services Group in the second quarter valued at about $822,000. Equity Investment Corp grew its position in The PNC Financial Services Group by 3.4% in the first 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 last quarter. Duality Advisers LP raised its stake in The PNC Financial Services Group by 108.5% during the first quarter. Duality Advisers LP now owns 20,641 shares of the financial services provider’s stock worth $3,336,000 after acquiring an additional 10,743 shares in the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in shares of The PNC Financial Services Group in the second quarter worth about $18,159,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PNC. Stephens upped their price objective 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. Morgan Stanley upped their price target on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday. UBS Group raised their price objective on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Citigroup increased their target price on 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. Two 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 company. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $185.71.

The PNC Financial Services Group Price Performance

PNC stock opened at $189.38 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The company’s fifty day simple moving average is $180.83 and its 200 day simple moving average is $167.20. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $196.64. The firm has a market cap of $75.28 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 2.06 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion for 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 revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.60 EPS. On average, analysts expect that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

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

Insider Activity 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, September 20th. The shares were sold at an average price of $186.45, for a total value of $231,570.90. Following the completion of the sale, the chief executive officer now directly owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $186.45, for a total value of $231,570.90. Following the completion of the sale, the chief executive officer now directly owns 550,975 shares in the company, valued at $102,729,288.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,420 shares of company stock worth $4,223,131 in the last quarter. Company insiders own 0.42% of the company’s stock.

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.