The PNC Financial Services Group (NYSE:PNC) Reaches New 1-Year 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 stock traded as high as $258.13 and last traded at $255.5820, with a volume of 82372 shares. The stock had previously closed at $255.37.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PNC shares. Truist Financial increased their target price on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a 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 target on the stock. in a research note on Thursday, July 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Barclays raised their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Citigroup lifted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Trading Down 0.3%

The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The company has a fifty day moving average price of $242.23 and a two-hundred day moving average price of $226.94. The firm has a market capitalization of $102.23 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 1.01 and a beta of 0.91.

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

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated 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 directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by insiders.

Institutional Trading of The PNC Financial Services Group

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the period. State Street Corp lifted its stake in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after purchasing an additional 77,302 shares during the last quarter. Capital International Investors lifted its stake in shares of The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $1,967,080,000. Finally, Geode Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after purchasing an additional 30,078 shares during the period. 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.