Smith Salley & Associates boosted its holdings in PNC Financial Services Group Inc (NYSE:PNC) by 2.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 81,953 shares of the financial services provider’s stock after acquiring an additional 2,045 shares during the quarter. PNC Financial Services Group accounts for approximately 1.8% of Smith Salley & Associates’ investment portfolio, making the stock its 12th biggest holding. Smith Salley & Associates’ holdings in PNC Financial Services Group were worth $11,161,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in PNC. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in PNC Financial Services Group by 0.3% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 135,134 shares of the financial services provider’s stock valued at $18,257,000 after acquiring an additional 425 shares in the last quarter. Trust Department MB Financial Bank N A lifted its position in PNC Financial Services Group by 36.7% in the 2nd quarter. Trust Department MB Financial Bank N A now owns 2,100 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 564 shares in the last quarter. FormulaFolio Investments LLC bought a new position in PNC Financial Services Group in the 2nd quarter valued at about $233,000. Stokes Capital Advisors LLC lifted its position in PNC Financial Services Group by 7.7% in the 2nd quarter. Stokes Capital Advisors LLC now owns 14,929 shares of the financial services provider’s stock valued at $2,017,000 after acquiring an additional 1,070 shares in the last quarter. Finally, Legacy Private Trust Co. lifted its position in PNC Financial Services Group by 23.3% in the 2nd quarter. Legacy Private Trust Co. now owns 2,140 shares of the financial services provider’s stock valued at $289,000 after acquiring an additional 405 shares in the last quarter. 79.84% of the stock is currently owned by institutional investors and hedge funds.
NYSE:PNC opened at $134.23 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.11. PNC Financial Services Group Inc has a 52 week low of $116.55 and a 52 week high of $163.59. The stock has a market capitalization of $61.50 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.31 and a beta of 0.92.
PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. The company had revenue of $4.36 billion during the quarter, compared to analyst estimates of $4.32 billion. During the same quarter last year, the business posted $2.16 EPS. Equities analysts forecast that PNC Financial Services Group Inc will post 10.76 earnings per share for the current year.
PNC Financial Services Group announced that its Board of Directors has initiated a stock buyback program on Thursday, November 8th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 1.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Wednesday, October 17th were paid a dividend of $0.95 per share. The ex-dividend date was Tuesday, October 16th. This represents a $3.80 annualized dividend and a dividend yield of 2.83%. PNC Financial Services Group’s payout ratio is currently 44.71%.
In other news, EVP Robert Q. Reilly sold 24,710 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the sale, the executive vice president now owns 131,020 shares in the company, valued at approximately $18,406,999.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.
Several equities analysts recently weighed in on PNC shares. Vining Sparks reaffirmed a “buy” rating and issued a $160.00 price target on shares of PNC Financial Services Group in a research report on Tuesday, October 9th. ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Sanford C. Bernstein upgraded shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the company from $158.00 to $145.00 in a research note on Monday, October 15th. Deutsche Bank upgraded shares of PNC Financial Services Group from a “hold” rating to a “buy” rating in a research note on Monday, October 15th. Finally, Morgan Stanley decreased their price objective on shares of PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research note on Monday, October 15th. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $155.50.
COPYRIGHT VIOLATION NOTICE: This article was originally published by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another domain, it was stolen and reposted in violation of international copyright and trademark laws. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/11/10/pnc-financial-services-group-inc-pnc-shares-bought-by-smith-salley-associates.html.
PNC Financial Services Group Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
Further Reading: The risks of owning bonds
Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.