Cornerstone Management Inc. Purchases New Shares in The PNC Financial Services Group, Inc. (NYSE:PNC)

Cornerstone Management Inc. acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,350 shares of the financial services provider’s stock, valued at approximately $209,000.

Other hedge funds have also modified their holdings of the company. OFI Invest Asset Management purchased a new position in The PNC Financial Services Group in the third quarter worth approximately $25,000. BKM Wealth Management LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $26,000. Fortitude Family Office LLC purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $28,000. DHJJ Financial Advisors Ltd. purchased a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $29,000. Finally, Tyler Stone Wealth Management purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $29,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the transaction, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC traded up $1.63 during mid-day trading on Friday, hitting $161.60. 1,725,504 shares of the company’s stock traded hands, compared to its average volume of 2,383,344. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $162.24. The company has a market cap of $64.29 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 1.86 and a beta of 1.17. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.84. The firm’s 50 day simple moving average is $150.48 and its 200 day simple moving average is $138.71.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The company had revenue of $5.36 billion during the quarter, compared to analysts’ expectations of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.49 earnings per share. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.41 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 5th. Shareholders of record on Tuesday, January 16th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Friday, January 12th. The PNC Financial Services Group’s payout ratio is 48.48%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Evercore ISI raised their target price on The PNC Financial Services Group from $180.00 to $184.00 and gave the company an “outperform” rating in a report on Thursday. Stephens restated an “equal weight” rating and issued a $138.00 target price on shares of The PNC Financial Services Group in a report on Tuesday, December 5th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an “underperform” rating in a research note on Wednesday, January 3rd. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research report on Tuesday, January 30th. Finally, Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $152.87.

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.