Cornerstone Advisors LLC Sells 2,900 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Cornerstone Advisors LLC lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,900 shares of the financial services provider’s stock after selling 2,900 shares during the period. Cornerstone Advisors LLC’s holdings in The PNC Financial Services Group were worth $3,094,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gilbert & Cook Inc. grew its holdings in shares of The PNC Financial Services Group by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 2,984 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 107 shares during the last quarter. Gryphon Financial Partners LLC bought a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $228,000. Financial Advocates Investment Management boosted its holdings in The PNC Financial Services Group by 4.5% in the fourth quarter. Financial Advocates Investment Management now owns 2,291 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 98 shares during the last quarter. ING Groep NV boosted its holdings in The PNC Financial Services Group by 13.1% in the fourth quarter. ING Groep NV now owns 1,679 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 194 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its stake in The PNC Financial Services Group by 15.1% in the fourth quarter. Coldstream Capital Management Inc. now owns 6,013 shares of the financial services provider’s stock valued at $931,000 after buying an additional 790 shares during the period. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Jefferies Financial Group upped their target price on 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. UBS Group upped their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Evercore ISI upped their target price on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group lowered their price target on 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 equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $176.90.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was 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 of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was 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 of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Michael P. Lyons sold 11,000 shares of the firm’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 owns 199,095 shares in the company, valued at $36,151,670.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,263 shares of company stock valued at $4,418,109. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $180.98 on Tuesday. The business’s 50-day moving average price is $175.61 and its two-hundred day moving average price is $162.13. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $185.84. The stock has a market cap of $71.94 billion, a P/E ratio of 15.20, a PEG ratio of 1.97 and a beta of 1.14. 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 PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter last year, the firm posted $3.36 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.54%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) 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.