Smith Salley Wealth Management Increases Stake in The PNC Financial Services Group, Inc $PNC

Smith Salley Wealth Management grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,578 shares of the financial services provider’s stock after purchasing an additional 2,471 shares during the period. Smith Salley Wealth Management’s holdings in The PNC Financial Services Group were worth $15,588,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $1,477,836,000. Viking Global Investors LP acquired a new position in The PNC Financial Services Group during the second quarter worth about $442,871,000. AQR Capital Management LLC grew its position in shares of The PNC Financial Services Group by 134.9% in the second quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock valued at $622,450,000 after purchasing an additional 1,917,530 shares in the last quarter. Amundi increased its stake in shares of The PNC Financial Services Group by 76.1% in the 1st quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock worth $352,592,000 after acquiring an additional 944,731 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in The PNC Financial Services Group by 43.8% during the second quarter. Federated Hermes Inc. now owns 2,776,517 shares of the financial services provider’s stock worth $517,598,000 after purchasing an additional 845,148 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PNC. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, October 3rd. Evercore ISI increased 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. Truist Financial boosted their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research note on Thursday, December 18th. Piper Sandler upgraded The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Finally, UBS Group lifted their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $219.11.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president directly owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $210.98 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $214.59. The company has a 50-day simple moving average of $194.40 and a 200-day simple moving average of $194.31. The company has a market capitalization of $82.74 billion, a PE ratio of 13.63, a P/E/G ratio of 1.19 and a beta of 1.01.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company 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 business posted $3.49 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. Equities research 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 Dividend Announcement

The firm also recently announced 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 was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 43.93%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.