Cornerstone Advisors LLC Has $3.73 Million Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cornerstone Advisors LLC lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.5% during the third quarter, HoldingsChannel reports. The firm owned 20,200 shares of the financial services provider’s stock after purchasing an additional 300 shares during the period. Cornerstone Advisors LLC’s holdings in The PNC Financial Services Group were worth $3,734,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. Ameriprise Financial Inc. boosted its holdings in The PNC Financial Services Group by 0.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider’s stock valued at $746,772,000 after purchasing an additional 18,397 shares during the period. Legal & General Group Plc raised its position in shares of The PNC Financial Services Group by 6.8% during the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock valued at $544,335,000 after buying an additional 223,955 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of The PNC Financial Services Group by 1.0% in the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock valued at $420,621,000 after buying an additional 22,271 shares during the period. Dimensional Fund Advisors LP grew its position in The PNC Financial Services Group by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider’s stock worth $346,926,000 after buying an additional 100,993 shares in the last quarter. Finally, Provident Trust Co. increased its stake in The PNC Financial Services Group by 0.3% during the third quarter. Provident Trust Co. now owns 2,194,527 shares of the financial services provider’s stock valued at $405,658,000 after acquiring an additional 5,638 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $203.95 on Thursday. The business has a 50-day moving average of $189.79 and a 200-day moving average of $173.99. The PNC Financial Services Group, Inc. has a 1 year low of $127.08 and a 1 year high of $214.19. The company has a market capitalization of $80.92 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 2.14 and a beta of 1.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same quarter last year, the business earned $3.60 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Insider Activity

In other news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This represents a 48.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the sale, the chief executive officer now owns 554,701 shares of the company’s stock, valued at approximately $101,604,582.17. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,788 shares of company stock valued at $5,535,978 in the last ninety days. 0.42% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Morgan Stanley raised their price objective 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, October 16th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $185.00 to $200.00 in a research note on Thursday, August 15th. Evercore ISI raised their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Compass Point lowered The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. 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 company has a consensus rating of “Hold” and an average target price of $186.96.

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.