Stock Traders Buy High Volume of Put Options on The PNC Financial Services Group (NYSE:PNC)

The PNC Financial Services Group, Inc (NYSE:PNC) was the recipient of unusually large options trading activity on Monday. Traders acquired 3,503 put options on the company. This is an increase of approximately 64% compared to the average volume of 2,135 put options.

Wall Street Analysts Forecast Growth

PNC has been the subject of several research analyst reports. Stephens reissued an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, October 3rd. Oppenheimer reduced their price objective on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Finally, UBS Group upped their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. One research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $219.11.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $1.95 during trading hours on Monday, reaching $211.94. 1,274,611 shares of the company were exchanged, compared to its average volume of 2,163,235. The stock has a market capitalization of $83.11 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.20 and a beta of 1.01. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group has a 1 year low of $145.12 and a 1 year high of $214.59. The business’s 50 day simple moving average is $193.23 and its 200-day simple moving average is $193.80.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same quarter last year, the business posted $3.49 EPS. The PNC Financial Services Group’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts expect that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the transaction, the executive vice president directly owned 5,802 shares in the company, valued at approximately $1,065,073.14. This represents a 14.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Focus Partners Advisor Solutions LLC lifted its holdings in shares of The PNC Financial Services Group by 28.1% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 29,353 shares of the financial services provider’s stock valued at $5,159,000 after buying an additional 6,430 shares during the period. Cullen Capital Management LLC raised its holdings in The PNC Financial Services Group by 3.8% in the 2nd quarter. Cullen Capital Management LLC now owns 204,875 shares of the financial services provider’s stock worth $38,193,000 after purchasing an additional 7,478 shares during the period. Harbour Investments Inc. increased its stake in shares of The PNC Financial Services Group by 115.1% in the second quarter. Harbour Investments Inc. now owns 5,631 shares of the financial services provider’s stock worth $1,050,000 after purchasing an additional 3,013 shares in the last quarter. OMNI 360 Wealth Inc. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $573,000. Finally, AQR Capital Management LLC boosted its holdings in The PNC Financial Services Group by 134.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,338,964 shares of the financial services provider’s stock worth $622,450,000 after buying an additional 1,917,530 shares during the period. 83.53% of the stock is owned by institutional investors.

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.