The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) was the target of a large decline in short interest in November. As of November 15th, there was short interest totalling 5,330,000 shares, a decline of 20.1% from the October 31st total of 6,670,000 shares. Based on an average daily trading volume, of 2,030,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.3% of the shares of the stock are sold short.
The PNC Financial Services Group Price Performance
Shares of PNC traded down $2.74 during mid-day trading on Thursday, reaching $165.52. 17,753 shares of the stock traded hands, compared to its average volume of 2,000,778. The firm has a fifty day moving average price of $157.52 and a 200 day moving average price of $161.11. The company has a market cap of $66.76 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 2.47 and a beta of 1.16. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.17. The PNC Financial Services Group has a 1 year low of $143.52 and a 1 year high of $228.14.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last released its quarterly earnings results on Friday, October 14th. The financial services provider reported $3.78 EPS for the quarter, beating analysts’ consensus estimates of $3.69 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a net margin of 26.96% and a return on equity of 12.45%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.75 EPS. As a group, equities research analysts predict that The PNC Financial Services Group will post 14.43 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Saturday, November 5th. Shareholders of record on Monday, October 17th were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend was Friday, October 14th. The PNC Financial Services Group’s dividend payout ratio is presently 45.25%.
Wall Street Analysts Forecast Growth
A number of analysts have commented on PNC shares. Compass Point cut their price target on shares of The PNC Financial Services Group to $160.00 in a research note on Thursday, October 20th. Evercore ISI reduced their target price on The PNC Financial Services Group to $180.00 in a report on Thursday, October 20th. JPMorgan Chase & Co. lowered their price target on The PNC Financial Services Group from $191.00 to $171.50 in a report on Tuesday, October 11th. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $162.00 to $165.00 and gave the stock a “neutral” rating in a report on Tuesday, October 4th. Finally, Wolfe Research lifted their price target on shares of The PNC Financial Services Group from $164.00 to $170.00 in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $188.15.
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Guild Deborah sold 2,833 shares of the stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $159.66, for a total value of $452,316.78. Following the transaction, the executive vice president now directly owns 20,527 shares in the company, valued at approximately $3,277,340.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.34% of the stock is owned by insiders.
Institutional Trading of The PNC Financial Services Group
Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its stake in shares of The PNC Financial Services Group by 21.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock valued at $2,116,282,000 after acquiring an additional 2,373,814 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of The PNC Financial Services Group by 56,674.0% during the second quarter. Federated Hermes Inc. now owns 1,945,646 shares of the financial services provider’s stock valued at $306,965,000 after buying an additional 1,942,219 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of The PNC Financial Services Group by 39.2% during the third quarter. Neuberger Berman Group LLC now owns 2,913,910 shares of the financial services provider’s stock valued at $435,463,000 after buying an additional 820,537 shares during the last quarter. State Street Corp boosted its holdings in The PNC Financial Services Group by 3.3% in the third quarter. State Street Corp now owns 18,436,065 shares of the financial services provider’s stock worth $2,754,717,000 after purchasing an additional 595,811 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in The PNC Financial Services Group by 2.0% in the first quarter. BlackRock Inc. now owns 30,563,752 shares of the financial services provider’s stock worth $5,637,484,000 after purchasing an additional 589,293 shares during the last quarter. 81.89% of the stock is owned by institutional investors.
About The PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company’s Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of 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.
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