The PNC Financial Services Group, Inc. (NYSE:PNC – Get Free Report) saw a large decline in short interest in the month of April. As of April 30th, there was short interest totalling 4,450,000 shares, a decline of 16.0% from the April 15th total of 5,300,000 shares. Currently, 1.1% of the shares of the company are short sold. Based on an average daily trading volume, of 1,950,000 shares, the days-to-cover ratio is presently 2.3 days.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on PNC shares. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. StockNews.com cut The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Jefferies Financial Group cut their target price on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating for the company in a research report on Wednesday, April 17th. Finally, Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research report on Tuesday, January 30th. Three equities research analysts have 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, the company currently has an average rating of “Hold” and an average target price of $157.02.
View Our Latest Research Report on PNC
Insider Buying and Selling at The PNC Financial Services Group
In other news, EVP Richard Kevin Bynum sold 850 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On The PNC Financial Services Group
A number of hedge funds have recently made changes to their positions in PNC. Steph & Co. boosted its holdings in The PNC Financial Services Group by 1.8% in the fourth quarter. Steph & Co. now owns 3,720 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 67 shares during the last quarter. Bangor Savings Bank grew its holdings in shares of The PNC Financial Services Group by 1.2% during the 4th quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider’s stock worth $888,000 after purchasing an additional 69 shares during the period. Triangle Securities Wealth Management grew its holdings in shares of The PNC Financial Services Group by 1.8% during the 1st quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock worth $649,000 after purchasing an additional 70 shares during the period. Cooper Financial Group raised its holdings in The PNC Financial Services Group by 1.7% in the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after buying an additional 70 shares during the period. Finally, Berkshire Bank lifted its position in The PNC Financial Services Group by 2.0% during the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock valued at $576,000 after buying an additional 71 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.
The PNC Financial Services Group Price Performance
Shares of NYSE:PNC opened at $157.58 on Monday. The company has a market cap of $62.70 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.78 and a beta of 1.16. The business has a fifty day simple moving average of $154.64 and a 200-day simple moving average of $146.13. The PNC Financial Services Group has a 52 week low of $109.40 and a 52 week high of $162.24. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the business earned $3.98 EPS. The firm’s revenue was down 8.2% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group will post 12.62 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.
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.
Further Reading
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Source: defenseworld.net
