Assetmark Inc. Grows Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Assetmark Inc. grew its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,552 shares of the financial services provider’s stock after acquiring an additional 2,150 shares during the quarter. Assetmark Inc.’s holdings in The PNC Financial Services Group were worth $15,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank & Trust Co purchased a new stake in The PNC Financial Services Group during the second quarter valued at approximately $26,000. ORG Partners LLC raised its holdings in The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the period. LRI Investments LLC purchased a new position in The PNC Financial Services Group during the first quarter worth $28,000. Y.D. More Investments Ltd bought a new position in The PNC Financial Services Group during the second quarter valued at $33,000. Finally, GPS Wealth Strategies Group LLC purchased a new stake in shares of The PNC Financial Services Group in the second quarter valued at $38,000. 83.53% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $176.15, for a total transaction of $218,778.30. Following the transaction, the chief executive officer now owns 555,943 shares in the company, valued at $97,929,359.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now owns 915 shares of the company’s stock, valued at $170,299.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $176.15, for a total transaction of $218,778.30. Following the completion of the transaction, the chief executive officer now directly owns 555,943 shares in the company, valued at $97,929,359.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,279 shares of company stock worth $2,442,673 over the last three months. 0.42% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of recent analyst reports. The Goldman Sachs Group dropped their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Morgan Stanley upped their price objective on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. Finally, Barclays lifted their target price on The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $185.71.

The PNC Financial Services Group Trading Up 0.4 %

Shares of NYSE:PNC opened at $203.97 on Monday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 52-week low of $118.56 and a 52-week high of $205.20. The stock has a market cap of $80.93 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.16 and a beta of 1.13. The business has a 50-day moving average price of $185.53 and a 200-day moving average price of $171.08.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $3.60 EPS. Equities analysts predict that The PNC Financial Services Group, Inc. will post 13.41 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.14%. The PNC Financial Services Group’s payout ratio is 54.10%.

The PNC Financial Services Group Company Profile

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.