Institute for Wealth Management LLC. Decreases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Institute for Wealth Management LLC. lessened its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,287 shares of the financial services provider’s stock after selling 83 shares during the quarter. Institute for Wealth Management LLC.’s holdings in The PNC Financial Services Group were worth $354,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rockline Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $1,825,000. KPP Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $323,000. AQR Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 144.2% in the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after acquiring an additional 67,490 shares in the last quarter. Trust Point Inc. purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $459,000. Finally, McGlone Suttner Wealth Management Inc. purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $295,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $152.30 on Friday. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $60.59 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.72 and a beta of 1.18. The stock’s fifty day moving average is $151.89 and its two-hundred day moving average is $142.10.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The company had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.98 earnings per share. Equities analysts expect that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 4.07%. The PNC Financial Services Group’s dividend payout ratio is presently 52.06%.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent research reports. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a report on Monday, April 1st. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and issued a $152.00 price target on shares of The PNC Financial Services Group in a report on Wednesday. Evercore ISI cut their price target on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday. Morgan Stanley increased their price target on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a report on Tuesday, January 30th. Finally, Bank of America increased their price target on The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $156.63.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the sale, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.