Short Interest in The PNC Financial Services Group, Inc (NYSE:PNC) Drops By 15.4%

The PNC Financial Services Group, Inc (NYSE:PNC) was the recipient of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totaling 5,816,350 shares, a decrease of 15.4% from the February 26th total of 6,871,334 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average trading volume of 2,862,682 shares, the days-to-cover ratio is presently 2.0 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Barclays increased their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research report on Monday, February 9th. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Jefferies Financial Group initiated coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price for the company. Finally, Truist Financial lifted their price target on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $235.94.

The PNC Financial Services Group Stock Down 0.4%

PNC stock opened at $201.53 on Tuesday. The PNC Financial Services Group has a one year low of $145.12 and a one year high of $243.94. The firm has a market cap of $81.29 billion, a PE ratio of 12.15, a PEG ratio of 0.90 and a beta of 0.98. The firm’s 50 day moving average price is $218.47 and its 200-day moving average price is $205.16. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion during 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 firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.77 earnings per share. On average, equities research analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is currently owned by company insiders.

Institutional Trading of The PNC Financial Services Group

Several institutional investors and hedge funds have recently bought and sold shares of PNC. Cvfg LLC increased its position in shares of The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after acquiring an additional 43 shares during the last quarter. YANKCOM Partnership raised its stake in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider’s stock valued at $539,000 after acquiring an additional 46 shares during the period. Westfuller Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 26.9% in the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 46 shares during the last quarter. Atom Investors LP boosted its position in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock worth $529,000 after purchasing an additional 46 shares during the period. Finally, Flavin Financial Services Inc. boosted its position in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock worth $2,847,000 after purchasing an additional 48 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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.