The PNC Financial Services Group, Inc. (NYSE:PNC – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $181.10 and last traded at $180.12, with a volume of 226458 shares. The stock had previously closed at $177.40.
Analyst Ratings Changes
A number of analysts recently issued reports on PNC shares. Bank of America increased their target price on shares of The PNC Financial Services Group from $169.00 to $185.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Citigroup raised their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group lifted their price objective on The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $175.34.
Check Out Our Latest Research Report on PNC
The PNC Financial Services Group Stock Performance
The firm has a market capitalization of $72.11 billion, a price-to-earnings ratio of 15.21, a P/E/G ratio of 2.32 and a beta of 1.15. The company has a 50-day moving average price of $159.91 and a 200-day moving average price of $155.09. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.36 EPS. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.53%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.
Insider Buying and Selling at The PNC Financial Services Group
In related news, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $176.67, for a total transaction of $219,424.14. Following the completion of the sale, the chief executive officer now directly owns 562,153 shares of the company’s stock, valued at approximately $99,315,570.51. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,661 shares of company stock valued at $1,242,250. 0.42% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On The PNC Financial Services Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in PNC. HB Wealth Management LLC increased its position in shares of The PNC Financial Services Group by 6.9% during the second quarter. HB Wealth Management LLC now owns 37,581 shares of the financial services provider’s stock valued at $5,843,000 after purchasing an additional 2,435 shares during the period. Strategic Blueprint LLC boosted its position in The PNC Financial Services Group by 5.7% in the second quarter. Strategic Blueprint LLC now owns 1,831 shares of the financial services provider’s stock valued at $285,000 after buying an additional 98 shares in the last quarter. Valley Brook Capital Group Inc. grew its stake in The PNC Financial Services Group by 0.6% during the second quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock worth $1,648,000 after buying an additional 62 shares during the last quarter. Fort Pitt Capital Group LLC raised its stake in shares of The PNC Financial Services Group by 1.0% in the second quarter. Fort Pitt Capital Group LLC now owns 364,712 shares of the financial services provider’s stock valued at $56,705,000 after acquiring an additional 3,758 shares during the last quarter. Finally, Legend Financial Advisors Inc. boosted its holdings in shares of The PNC Financial Services Group by 25.0% in the 2nd quarter. Legend Financial Advisors Inc. now owns 744 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 149 shares in the last quarter. 83.53% of the stock is currently 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. 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.
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