Institute for Wealth Management LLC. Sells 58 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Institute for Wealth Management LLC. trimmed its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,159 shares of the financial services provider’s stock after selling 58 shares during the quarter. Institute for Wealth Management LLC.’s holdings in The PNC Financial Services Group were worth $416,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of PNC. Sonora Investment Management Group LLC boosted its position in The PNC Financial Services Group by 1.9% during the 4th quarter. Sonora Investment Management Group LLC now owns 76,346 shares of the financial services provider’s stock worth $14,723,000 after acquiring an additional 1,402 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in The PNC Financial Services Group during the 4th quarter worth approximately $2,641,000. Gilbert & Cook Inc. boosted its position in The PNC Financial Services Group by 2.1% during the 4th quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider’s stock worth $537,000 after acquiring an additional 58 shares during the last quarter. Crews Bank & Trust acquired a new position in The PNC Financial Services Group during the 4th quarter worth approximately $218,000. Finally, Cairn Investment Group Inc. acquired a new position in The PNC Financial Services Group during the 4th quarter worth approximately $206,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $200.63 on Friday. The stock’s 50-day simple moving average is $200.04 and its 200 day simple moving average is $189.44. The firm has a market capitalization of $79.60 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a twelve month low of $139.69 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period last year, the firm posted $3.16 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts anticipate that The PNC Financial Services Group, Inc. will post 15.26 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Truist Financial increased their price objective on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a report on Friday, January 17th. Stephens restated an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $205.00.

Insider Activity

In related news, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $196.17, for a total value of $243,643.14. Following the completion of the transaction, the chief executive officer now directly owns 523,829 shares in the company, valued at approximately $102,759,534.93. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,171 shares of company stock valued at $5,786,210. 0.42% of the stock is currently owned by corporate 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.