Smith Salley Wealth Management Grows Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Smith Salley Wealth Management boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,844 shares of the financial services provider's stock after buying an additional 9,836 shares during the quarter. Smith Salley Wealth Management's holdings in The PNC Financial Services Group were worth $12,804,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PNC. Rialto Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group in the 1st quarter worth $35,000. REAP Financial Group LLC lifted its stake in shares of The PNC Financial Services Group by 67.2% in the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after buying an additional 80 shares in the last quarter. Hoey Investments Inc. bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $39,000. Finally, True Wealth Design LLC boosted its position in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after buying an additional 59 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $166.79, for a total transaction of $207,153.18. Following the transaction, the chief executive officer owned 557,363 shares in the company, valued at $92,962,574.77. The trade was a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Martin Pfinsgraff bought 1,000 shares of the firm's stock in a transaction dated Friday, April 25th. The stock was purchased at an average cost of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director directly owned 2,009 shares in the company, valued at approximately $317,863.98. This represents a 99.11% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 11,428 shares of company stock valued at $1,882,322. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and cut their price objective for the stock from $206.00 to $202.00 in a report on Monday, March 31st. Royal Bank Of Canada reduced their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Finally, Truist Financial reduced their price target on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a "hold" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $202.67.

The PNC Financial Services Group Trading Up 1.6%

Shares of The PNC Financial Services Group stock traded up $3.06 during trading on Wednesday, reaching $195.58. The company's stock had a trading volume of 889,000 shares, compared to its average volume of 2,095,251. The firm's 50-day moving average is $173.63 and its two-hundred day moving average is $180.02. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a market cap of $77.37 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 1.57 and a beta of 1.07. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The firm had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. On average, sell-side analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.27%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

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.