The PNC Financial Services Group Inc. (PNC) Position Boosted by Smith Salley & Associates

The PNC Financial Services Group Inc. (PNC) Position Boosted by Smith Salley & Associates

Smith Salley & Associates boosted its position in shares of PNC Financial Services Group Inc. (NYSE:PNC) by 4.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,268 shares of the company’s stock after buying an additional 2,996 shares during the period. PNC Financial Services Group accounts for approximately 1.5% of Smith Salley & Associates’ investment portfolio, making the stock its 20th largest position. Smith Salley & Associates’ holdings in PNC Financial Services Group were worth $6,288,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AMP Capital Investors Ltd boosted its position in shares of PNC Financial Services Group by 12.8% in the first quarter. AMP Capital Investors Ltd now owns 415,678 shares of the company’s stock worth $35,477,000 after buying an additional 47,014 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of PNC Financial Services Group during the first quarter worth $67,512,000. Citizens Financial Group Inc RI boosted its position in shares of PNC Financial Services Group by 3.5% in the first quarter. Citizens Financial Group Inc RI now owns 112,377 shares of the company’s stock worth $9,504,000 after buying an additional 3,796 shares in the last quarter. HBK Investments L P purchased a new position in shares of PNC Financial Services Group during the first quarter worth $3,244,000. Finally, Wellington Management Group LLP boosted its position in shares of PNC Financial Services Group by 0.3% in the first quarter. Wellington Management Group LLP now owns 41,611,853 shares of the company’s stock worth $3,519,114,000 after buying an additional 120,334 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Shares of PNC Financial Services Group Inc. (NYSE:PNC) traded up 0.65% during midday trading on Monday, hitting $88.60. The stock had a trading volume of 1,060,863 shares. The firm has a market cap of $43.54 billion, a PE ratio of 12.22 and a beta of 0.91. PNC Financial Services Group Inc. has a 12-month low of $77.40 and a 12-month high of $97.50. The firm has a 50-day moving average of $89.80 and a 200 day moving average of $86.19.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, October 14th. The company reported $1.84 EPS for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.06. The business had revenue of $3.83 billion for the quarter. PNC Financial Services Group had a return on equity of 8.92% and a net margin of 23.77%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the company earned $1.90 earnings per share. On average, analysts expect that PNC Financial Services Group Inc. will post $7.10 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Shareholders of record on Monday, October 17th will be given a $0.55 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a yield of 2.50%. PNC Financial Services Group’s payout ratio is 30.51%.

A number of analysts recently commented on PNC shares. Barclays PLC reaffirmed a “hold” rating and set a $97.00 price objective on shares of PNC Financial Services Group in a research note on Tuesday, October 11th. Raymond James Financial Inc. raised PNC Financial Services Group from an “underperform” rating to a “market perform” rating in a research note on Thursday, October 6th. Vetr lowered PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $94.63 price objective on the stock. in a research note on Thursday, October 6th. Nomura lowered PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research note on Monday, October 10th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered PNC Financial Services Group from a “buy” rating to a “hold” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $96.71.

In other PNC Financial Services Group news, insider Michael J. Hannon sold 33,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $86.49, for a total value of $2,854,170.00. Following the transaction, the insider now directly owns 87,573 shares in the company, valued at approximately $7,574,188.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel Hesse acquired 500 shares of the firm’s stock in a transaction on Thursday, July 21st. The stock was purchased at an average price of $82.44 per share, for a total transaction of $41,220.00. Following the completion of the transaction, the director now directly owns 1,100 shares in the company, valued at approximately $90,684. The disclosure for this purchase can be found here. 0.57% of the stock is owned by company insiders.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.

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