Cornerstone Wealth Management LLC Cuts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cornerstone Wealth Management LLC decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,609 shares of the financial services provider’s stock after selling 106 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $872,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PNC. ORG Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new position in The PNC Financial Services Group during the 4th quarter valued at approximately $26,000. Bank & Trust Co bought a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $26,000. LRI Investments LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $28,000. Finally, Palisade Asset Management LLC bought a new position in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $29,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 2.1 %

The PNC Financial Services Group stock traded up $3.46 during midday trading on Thursday, hitting $171.83. 939,088 shares of the company’s stock were exchanged, compared to its average volume of 1,920,751. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $182.84. 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 cap of $68.30 billion, a PE ratio of 14.14, a P/E/G ratio of 2.16 and a beta of 1.15. The firm has a 50-day moving average of $164.38 and a two-hundred day moving average of $157.07.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $3.36 earnings per share. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 13.13 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.72%. The ex-dividend date was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is 53.74%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the 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 sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other The PNC Financial Services Group 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 value of $1,997,380.00. Following the completion of the sale, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,537 shares of company stock worth $3,758,458. 0.42% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. decreased their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 30th. Keefe, Bruyette & Woods upped their price objective on 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. Finally, StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $177.02.

The PNC Financial Services Group 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.