The PNC Financial Services Group, Inc (NYSE:PNC) Shares Sold by Assetmark Inc.

Key Points

• Assetmark Inc. reduced its stake in The PNC Financial Services Group by 2.9%, selling 2,367 shares during the first quarter, bringing its total to 78,735 shares valued at approximately $13.84 million.
• The PNC Financial Services Group declared a quarterly dividend of $1.70 per share, an increase from the previous $1.60, with a yield of 3.47% and a dividend payout ratio of 46.51%.
• Analysts have varied opinions on PNC's stock, with a current consensus rating of "Moderate Buy", and a price target set around $212.76 based on recent market assessments.

Assetmark Inc. decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,735 shares of the financial services provider's stock after selling 2,367 shares during the period. Assetmark Inc.'s holdings in The PNC Financial Services Group were worth $13,839,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Cornerstone Planning Group LLC increased its holdings 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 purchasing an additional 65 shares during the period. REAP Financial Group LLC increased its holdings in The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares during the period. Hoey Investments Inc. purchased a new stake in The PNC Financial Services Group during the 4th quarter worth about $39,000. True Wealth Design LLC increased its holdings in The PNC Financial Services Group by 41.5% during 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 period. Finally, Opal Wealth Advisors LLC purchased a new stake in The PNC Financial Services Group during the 1st quarter worth about $35,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock traded down $2.05 during mid-day trading on Monday, reaching $194.00. 1,483,979 shares of the company were exchanged, compared to its average volume of 2,427,515. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The firm's 50-day simple moving average is $184.26 and its two-hundred day simple moving average is $180.18. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market cap of $76.74 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 1.46 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. During the same period last year, the firm earned $3.39 EPS. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. Equities 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 disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.51%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price target for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. JPMorgan Chase & Co. dropped their price objective on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Morgan Stanley increased their price objective on The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Wall Street Zen upgraded The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, TD Cowen initiated coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $212.76.

Insider Buying and Selling

In other news, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,460 shares of company stock valued at $1,103,563 over the last ninety days. 0.41% of the stock is owned by insiders.

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.