The PNC Financial Services Group, Inc. (NYSE:PNC) Sees Large Drop in Short Interest

The PNC Financial Services Group, Inc. (NYSE:PNC) saw a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 4,170,000 shares, a drop of 16.8% from the February 13th total of 5,010,000 shares. Based on an average daily volume of 2,050,000 shares, the short-interest ratio is currently 2.0 days. Currently, 1.1% of the shares of the company are short sold.

The PNC Financial Services Group Trading Up 0.6 %

The PNC Financial Services Group stock traded up $1.08 during midday trading on Thursday, reaching $174.91. The stock had a trading volume of 549,833 shares, compared to its average volume of 2,202,566. The stock has a market capitalization of $69.22 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $190.77 and its 200 day simple moving average is $192.43. The PNC Financial Services Group has a twelve month low of $143.52 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the business earned $3.16 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts expect that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.66%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Wall Street Analyst Weigh In

PNC has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Truist Financial lifted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. Compass Point raised their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler upped their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group decreased their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $203.71.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, December 27th. The stock was sold at an average price of $193.62, for a total transaction of $240,476.04. Following the completion of the sale, the chief executive officer now directly owns 528,797 shares of the company’s stock, valued at $102,385,675.14. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 13,662 shares of company stock valued at $2,604,263. Insiders own 0.42% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

Hedge funds and other institutional investors have recently modified their holdings of the business. 111 Capital acquired a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $672,000. NorthCrest Asset Manangement LLC boosted its stake in The PNC Financial Services Group by 7.7% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 4,245 shares of the financial services provider’s stock valued at $819,000 after acquiring an additional 302 shares during the last quarter. Park Square Financial Group LLC acquired a new position in The PNC Financial Services Group during the 4th quarter worth $68,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $48,559,000. Finally, Brooklyn FI LLC acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $410,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Company Profile

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.