Financial services

PNC Financial Services Group (NYSE:PNC) Sees Strong Volume Increase Following Analyst Upgrade


PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) saw strong trading volume on Tuesday after Morgan Stanley raised its price target on the stock from $168.00 to $180.00. 38,807 shares changed hands during the midday session, down 98% from the previous session’s volume of 1,900,866 shares. The stock last traded at $157.88 and previously closed at $154.67.

A number of other stock analysts also commented on the stock. Piper Sandler cut her price target on PNC Financial Services Group shares from $215.00 to $201.00 and set a “neutral” rating for the company in a Friday, April 1 research report. Citigroup lowered its price target on PNC Financial Services Group from $190.00 to $170.00 in a Tuesday, July 12 research note. Argus lowered its target price on the PNC Financial Services Group from $245.00 to $220.00 in a Monday, April 18 research note. Wells Fargo & Company cut its price target on PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating for the company in a Friday, July 1 report. Finally, Wolfe Research cut its price target on PNC Financial Services Group shares from $223.00 to $177.00 and set an “outperform” rating on the stock in a Thursday, May 26 research report. . One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned the stock a buy rating. According to data from MarketBeat, the PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $197.63.

Insider Buying and Selling at The PNC Financial Services Group

In related news, director Robert A. Niblock purchased 2,000 shares of the company in a transaction that took place on Friday, May 6. The stock was purchased at an average price of $167.07 per share, for a total transaction of $334,140.00. Following the acquisition, the director now directly owns 6,063 shares of the company, valued at approximately $1,012,945.41. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other news from The PNC Financial Services Group, Guild Executive Vice President Deborah sold 1,257 shares of the company in a trade dated Tuesday, May 3. The shares were sold at an average price of $170.56, for a total value of $214,393.92. Following the transaction, the executive vice president now owns 23,360 shares of the company, valued at $3,984,281.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, director Robert A. Niblock acquired 2,000 shares in a transaction dated Friday, May 6. The shares were purchased at an average cost of $167.07 per share, with a total value of $334,140.00. Following the completion of the purchase, the director now owns 6,063 shares of the company, valued at approximately $1,012,945.41. Disclosure of this purchase can be found here. Insiders of the company own 0.34% of the shares of the company.

Institutional entries and exits

A number of hedge funds have recently bought and sold shares of PNC. Citizens National Bank Trust Department bought a new position in shares of The PNC Financial Services Group during the fourth quarter, valued at approximately $28,000. Retirement Planning Co of New England Inc. bought a new stake in shares of The PNC Financial Services Group in Q4 for a value of approximately $30,000. Guardian Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group during Q4, valued at approximately $32,000. Mascoma Wealth Management LLC increased its position in shares of The PNC Financial Services Group by 89.8% during the first quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider valued at $31,000 after purchasing an additional 79 shares during the period. Finally, ACG Wealth bought a new position in The PNC Financial Services Group in the second quarter worth approximately $27,000. Hedge funds and other institutional investors hold 83.54% of the company’s shares.

PNC Financial Services Group trades down 0.0%

The company has a debt ratio of 0.76, a current ratio of 0.76 and a quick ratio of 0.74. The stock’s 50-day moving average is $161.26 and its 200-day moving average is $182.39. The company has a market capitalization of $66.23 billion, a P/E ratio of 12.53, a P/E/G ratio of 2.29 and a beta of 1.24.

PNC Financial Services Group (NYSE:PNC – Get Rating) last released its results on Friday, July 15. The financial services provider reported earnings per share of $3.42 for the quarter, beating analysts’ consensus estimate of $3.11 by $0.31. The PNC Financial Services group achieved a return on equity of 11.93% and a net margin of 27.32%. The company posted revenue of $5.12 billion for the quarter, versus a consensus estimate of $5.13 billion. In the same quarter of the previous year, the company had achieved EPS of $4.50. The company’s revenue for the quarter increased 9.6% year over year. As a group, equity research analysts expect PNC Financial Services Group, Inc. to post earnings per share of 14.33 for the current year.

PNC Financial Services group announces dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 5. Shareholders of record on Wednesday, July 13 will receive a dividend of $1.50 per share. This represents a dividend of $6.00 on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Tuesday, July 12. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.95%.

PNC Financial Services Group Company Profile

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The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.

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