The PNC Financial Services Group, Inc (NYSE:PNC) Holdings Cut by Trust Asset Management LLC

Trust Asset Management LLC cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,582 shares of the financial services provider’s stock after selling 133 shares during the quarter. Trust Asset Management LLC’s holdings in The PNC Financial Services Group were worth $805,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its stake in The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at $35,000. REAP Financial Group LLC boosted its holdings in shares of The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 80 shares during the period. True Wealth Design LLC grew its position in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $41,000. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PNC. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a “buy” rating in a research report on Thursday, July 17th. Wolfe Research reaffirmed a “peer perform” rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. TD Cowen began coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They set a “buy” rating and a $233.00 price objective for the company. Morgan Stanley increased their price objective on The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. Finally, Oppenheimer raised The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $238.00 target price on the stock in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $214.17.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $189.58 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The business’s 50-day moving average price is $187.37 and its 200 day moving average price is $179.74. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a market cap of $74.66 billion, a P/E ratio of 12.97, a PEG ratio of 1.41 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same quarter last year, the firm posted $3.39 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were issued a $1.70 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 15th. The PNC Financial Services Group’s dividend payout ratio is currently 46.51%.

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.