Salem Investment Counselors Inc. Has $3.83 Million Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Salem Investment Counselors Inc. boosted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,849 shares of the financial services provider’s stock after buying an additional 168 shares during the period. Salem Investment Counselors Inc.’s holdings in The PNC Financial Services Group were worth $3,828,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC raised its holdings in shares of The PNC Financial Services Group by 45.6% in the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock valued at $1,185,000 after purchasing an additional 2,009 shares during the last quarter. BSN CAPITAL PARTNERS Ltd acquired a new stake in shares of The PNC Financial Services Group in the third quarter valued at approximately $12,548,000. Bleakley Financial Group LLC raised its holdings in shares of The PNC Financial Services Group by 9.0% in the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock valued at $2,913,000 after purchasing an additional 1,299 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $822,000. Finally, Aljian Capital Management LLC acquired a new stake in shares of The PNC Financial Services Group in the third quarter valued at approximately $839,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent research reports. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Citigroup raised their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research note on Wednesday, October 16th. Truist Financial started coverage on shares of The PNC Financial Services Group in a research note on Tuesday, January 7th. They issued a “hold” rating and a $215.00 target price for the company. Finally, Evercore ISI raised their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $203.29.

Insiders Place Their Bets

In related news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares of the company’s stock, valued at approximately $170,299.80. This represents a 48.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $192.15, for a total value of $238,650.30. Following the completion of the sale, the chief executive officer now directly owns 527,555 shares of the company’s stock, valued at $101,369,693.25. The trade was a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,030 shares of company stock worth $5,925,333. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 1.2 %

Shares of NYSE:PNC traded up $2.23 during midday trading on Monday, hitting $191.25. 685,018 shares of the stock were exchanged, compared to its average volume of 1,861,433. The stock has a market capitalization of $75.88 billion, a price-to-earnings ratio of 16.17, a P/E/G ratio of 2.11 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The business’s 50-day moving average price is $201.47 and its 200 day moving average price is $186.01. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the prior year, the business posted $3.60 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 54.10%.

About The PNC Financial Services Group

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.