Institute for Wealth Management LLC. Sells 58 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Institute for Wealth Management LLC. reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,159 shares of the financial services provider’s stock after selling 58 shares during the quarter. Institute for Wealth Management LLC.’s holdings in The PNC Financial Services Group were worth $416,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Sonora Investment Management Group LLC increased its holdings in The PNC Financial Services Group by 1.9% in the fourth quarter. Sonora Investment Management Group LLC now owns 76,346 shares of the financial services provider’s stock worth $14,723,000 after purchasing an additional 1,402 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $2,641,000. Gilbert & Cook Inc. increased its holdings in shares of The PNC Financial Services Group by 2.1% during the fourth quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider’s stock valued at $537,000 after acquiring an additional 58 shares in the last quarter. Crews Bank & Trust bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $218,000. Finally, Cairn Investment Group Inc. bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $206,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Down 0.7 %

PNC stock opened at $200.63 on Friday. The stock’s fifty day simple moving average is $200.04 and its two-hundred day simple moving average is $189.44. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 1-year low of $139.69 and a 1-year high of $216.26. The stock has a market cap of $79.60 billion, a P/E ratio of 14.59, a P/E/G ratio of 1.64 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the firm earned $3.16 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts expect that The PNC Financial Services Group, Inc. will post 15.26 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.19%. The PNC Financial Services Group’s dividend payout ratio is presently 46.55%.

Insider Activity

In other news, Director Andrew T. Feldstein sold 14,509 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This represents a 27.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $196.17, for a total value of $243,643.14. Following the transaction, the chief executive officer now directly owns 523,829 shares in the company, valued at $102,759,534.93. This represents a 0.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,171 shares of company stock valued at $5,786,210 in the last 90 days. Insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of several recent research reports. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Piper Sandler boosted their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Compass Point boosted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, Citigroup boosted their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $205.00.

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.