The PNC Financial Services Group (NYSE:PNC) Sets New 12-Month High – Here’s Why

Shares of The PNC Financial Services Group, Inc (NYSE:PNC) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $258.13 and last traded at $255.5820, with a volume of 82372 shares trading hands. The stock had previously closed at $255.37.

Analysts Set New Price Targets

PNC has been the subject of several recent research reports. Morgan Stanley raised their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Robert W. Baird upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective on the stock. in a research note on Thursday, July 23rd. Citigroup boosted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Oppenheimer upped their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Price Performance

The company has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 1.00 and a beta of 0.91. The company has a fifty day simple moving average of $243.50 and a two-hundred day simple moving average of $227.32. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.85 earnings per share. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,300 shares of company stock worth $10,694,574 in the last 90 days. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Large investors have recently bought and sold shares of the stock. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $25,000. Quarry LP acquired a new position in The PNC Financial Services Group in the third quarter valued at $25,000. Modus Advisors LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $29,000. Financial Life Planners purchased a new stake in The PNC Financial Services Group during the first quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Company Profile

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.