Quadrant Private Wealth Management LLC Reduces Stock Position in The PNC Financial Services Group, Inc $PNC

Quadrant Private Wealth Management LLC reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.1% in the second quarter, Holdings Channel reports. The firm owned 38,265 shares of the financial services provider’s stock after selling 805 shares during the period. The PNC Financial Services Group accounts for approximately 1.5% of Quadrant Private Wealth Management LLC’s holdings, making the stock its 16th largest position. Quadrant Private Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $7,133,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Ignite Planners LLC raised its stake in shares of The PNC Financial Services Group by 8.4% during the first quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider’s stock valued at $262,000 after acquiring an additional 126 shares in the last quarter. United Community Bank increased its holdings in The PNC Financial Services Group by 687.0% during the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider’s stock worth $2,166,000 after purchasing an additional 10,759 shares during the period. Cerity Partners LLC increased its holdings in The PNC Financial Services Group by 6.3% during the 1st quarter. Cerity Partners LLC now owns 130,126 shares of the financial services provider’s stock worth $22,872,000 after purchasing an additional 7,677 shares during the period. HB Wealth Management LLC raised its position in The PNC Financial Services Group by 18.8% during the 1st quarter. HB Wealth Management LLC now owns 51,133 shares of the financial services provider’s stock valued at $8,988,000 after purchasing an additional 8,077 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth $429,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on PNC shares. Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Oppenheimer restated an “outperform” rating and issued a $240.00 price target (up previously from $235.00) on shares of The PNC Financial Services Group in a report on Thursday, October 16th. Evercore ISI upped their price target on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Finally, Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.47.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $184.07 on Friday. The company has a market cap of $72.49 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.26 and a beta of 1.12. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The stock’s fifty day moving average price is $193.80 and its 200 day moving average price is $186.91. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same period in the prior year, the company earned $3.49 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the transaction, the executive vice president owned 5,802 shares of the company’s stock, valued at $1,065,073.14. This trade represents a 14.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the sale, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 2,151 shares of company stock valued at $400,092. Company insiders own 0.41% of the company’s stock.

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.