The PNC Financial Services Group (NYSE:PNC) Hits New 52-Week High – Here’s What Happened

Shares of The PNC Financial Services Group, Inc. (NYSE:PNC) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $211.35 and last traded at $210.63, with a volume of 63837 shares trading hands. The stock had previously closed at $209.71.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI raised their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group lowered their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Barclays raised their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $185.71.

The PNC Financial Services Group Trading Up 0.1 %

The firm has a market cap of $83.30 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.16 and a beta of 1.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm’s 50-day simple moving average is $186.02 and its 200 day simple moving average is $171.55.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the previous year, the firm posted $3.60 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 13.41 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $176.15, for a total transaction of $218,778.30. Following the completion of the sale, the chief executive officer now directly owns 555,943 shares in the company, valued at $97,929,359.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $176.15, for a total transaction of $218,778.30. Following the completion of the sale, the chief executive officer now directly owns 555,943 shares in the company, valued at $97,929,359.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the sale, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,279 shares of company stock valued at $2,442,673. Corporate insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Financial Council LLC bought a new position in The PNC Financial Services Group in the 3rd quarter worth $238,000. Meridian Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth about $1,071,000. GM Advisory Group LLC purchased a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth about $232,000. Raymond James Trust N.A. grew its position in shares of The PNC Financial Services Group by 1.3% in the 3rd quarter. Raymond James Trust N.A. now owns 40,694 shares of the financial services provider’s stock worth $7,522,000 after buying an additional 530 shares during the period. Finally, Eagle Asset Management Inc. grew its position in shares of The PNC Financial Services Group by 0.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,044,283 shares of the financial services provider’s stock worth $213,003,000 after buying an additional 5,780 shares during the period. 83.53% of the stock is currently owned by institutional investors.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.