The PNC Financial Services Group (NYSE:PNC) Reaches New 52-Week High – Time to Buy?

The PNC Financial Services Group, Inc (NYSE:PNC)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $227.80 and last traded at $227.44, with a volume of 332642 shares. The stock had previously closed at $223.30.

Analyst Ratings Changes

A number of brokerages recently issued reports on PNC. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. TD Cowen increased their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Finally, Cfra Research raised shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $231.00.

The PNC Financial Services Group Stock Performance

The firm has a fifty day moving average of $212.02 and a 200 day moving average of $199.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $92.98 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 0.95 and a beta of 0.99.

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

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in The PNC Financial Services Group by 12.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after purchasing an additional 6,572 shares in the last quarter. First Horizon Corp purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $8,360,000. National Pension Service raised its stake in The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after acquiring an additional 26,305 shares in the last quarter. Benjamin Edwards Inc. raised its stake 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 acquiring an additional 5,294 shares in the last quarter. Finally, Truist Financial Corp lifted its position in 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 valued at $241,697,000 after acquiring an additional 14,504 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

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.