Allworth Financial LP Sells 2,066 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Allworth Financial LP cut its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 9.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,030 shares of the financial services provider's stock after selling 2,066 shares during the quarter. Allworth Financial LP's holdings in The PNC Financial Services Group were worth $3,521,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cornerstone Planning Group LLC increased its stake in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares during the period. Opal Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter worth approximately $35,000. REAP Financial Group LLC boosted its holdings in shares of The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after acquiring an additional 80 shares in the last quarter. Hoey Investments Inc. bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $39,000. Finally, True Wealth Design LLC raised its position in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,545 shares of company stock valued at $1,590,080 over the last 90 days. 0.41% of the stock is currently owned by company insiders.

The PNC Financial Services Group Price Performance

PNC traded down $3.55 on Tuesday, reaching $192.14. The company had a trading volume of 3,457,928 shares, compared to its average volume of 2,148,596. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. The company has a fifty day moving average of $180.03 and a 200-day moving average of $180.06. The company has a market capitalization of $76.00 billion, a P/E ratio of 13.57, a PEG ratio of 1.66 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a yield of 3.54%. The PNC Financial Services Group's payout ratio is 45.20%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and reduced their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. TD Cowen started coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price for the company. Finally, The Goldman Sachs Group increased their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $209.11.

About The PNC Financial Services Group

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.