The PNC Financial Services Group, Inc (NYSE:PNC) Sees Large Decrease in Short Interest

The PNC Financial Services Group, Inc (NYSE:PNC) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 5,487,671 shares, a decrease of 21.8% from the December 31st total of 7,019,260 shares. Approximately 1.4% of the company’s stock are short sold. Based on an average daily trading volume, of 2,654,276 shares, the days-to-cover ratio is currently 2.1 days. Based on an average daily trading volume, of 2,654,276 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.4% of the company’s stock are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PNC shares. Oppenheimer upped their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the company a “hold” rating in a research note on Thursday, December 18th. UBS Group lifted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Morgan Stanley increased their price target on The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 20th. Finally, Cfra Research upgraded The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $231.00.

The PNC Financial Services Group Price Performance

NYSE:PNC traded down $1.13 during midday trading on Friday, hitting $223.33. 2,107,097 shares of the stock were exchanged, compared to its average volume of 2,966,643. The PNC Financial Services Group has a one year low of $145.12 and a one year high of $227.78. The company has a market capitalization of $87.58 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 0.94 and a beta of 0.99. The business has a 50-day moving average price of $210.42 and a two-hundred day moving average price of $199.13. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the prior year, the firm posted $3.77 earnings per share. The company’s revenue was up 9.1% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of The PNC Financial Services Group by 12.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after buying an additional 6,572 shares during the period. First Horizon Corp acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $8,360,000. Benjamin Edwards Inc. increased its holdings in The PNC Financial Services Group by 27.2% during the 3rd quarter. Benjamin Edwards Inc. now owns 24,763 shares of the financial services provider’s stock worth $4,977,000 after purchasing an additional 5,294 shares in the last quarter. Charter Oak Capital Management LLC bought a new position in shares of The PNC Financial Services Group during the third quarter worth about $2,242,000. Finally, Truist Financial Corp lifted its position in shares of The PNC Financial Services Group by 1.2% in the third quarter. Truist Financial Corp now owns 1,202,894 shares of the financial services provider’s stock worth $241,697,000 after purchasing an additional 14,504 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.