The PNC Financial Services Group, Inc. (NYSE: PNC – Get a rating) Executive Vice Chairman Michael P. Lyons sold 3,500 shares of PNC Financial Services Group in a trade dated Tuesday, August 23. The shares were sold at an average price of $166.96, for a total value of $584,360.00. Following the completion of the transaction, the executive vice president now owns 174,651 shares of the company, valued at approximately $29,159,730.96. The sale was disclosed in a document filed with the SEC, accessible via the SEC website.
Price performance of PNC Financial Services Group
PNC traded $1.22 during Thursday’s trading, hitting $168.62. 43,817 shares were traded, against an average volume of 1,335,214. The company’s 50-day moving average price is $162.57 and its two-hundred-day moving average price is $174.43. The company has a debt ratio of 0.75, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market capitalization of $69.15 billion, a price/earnings ratio of 13.10, a P/E/G ratio of 2.49 and a beta of 1.21. The PNC Financial Services Group, Inc. has a 1-year low of $146.39 and a 1-year high of $228.14.
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The financial services group PNC (NYSE: PNC – Get a rating) last released its results on Friday, July 15. The financial services provider reported EPS of $3.42 for the quarter, beating analyst consensus estimates of $3.11 by $0.31. The company posted revenue of $5.12 billion for the quarter, versus a consensus estimate of $5.13 billion. The PNC Financial Services group achieved a return on equity of 11.93% and a net margin of 27.32%. PNC Financial Services Group’s quarterly revenue increased 9.6% compared to the same quarter last year. In the same period a year earlier, the company had earned earnings per share of $4.50. As a group, equity research analysts expect PNC Financial Services Group, Inc. to post earnings per share of 14.49 for the current year.
PNC Financial Services Group Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 5. Shareholders of record on Wednesday, July 13 received a dividend of $1.50. The ex-dividend date was Tuesday, July 12. This represents a dividend of $6.00 on an annualized basis and a dividend yield of 3.56%. PNC Financial Services Group’s dividend payout ratio (DPR) is 46.95%.
Hedge funds weigh on PNC Financial Services Group
A number of institutional investors have recently changed their positions in the stock. Stock Yards Bank & Trust Co. increased its holdings of The PNC Financial Services Group shares by 124.2% in the second quarter. Stock Yards Bank & Trust Co. now owns 61,393 shares of the financial services provider worth $9,686,000 after acquiring 34,013 additional shares in the last quarter. WCG Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter worth $968,000. Captrust Financial Advisors increased its holdings of PNC Financial Services Group shares by 24.4% in the second quarter. Captrust Financial Advisors now owns 76,130 shares of the financial services provider worth $12,011,000 after acquiring an additional 14,940 shares in the last quarter. Strategic Wealth Partners Ltd. increased its holdings of The PNC Financial Services Group shares by 2.9% in the second quarter. Strategic Wealth Partners Ltd. now owns 13,635 shares of the financial services provider worth $2,151,000 after acquiring 378 additional shares in the last quarter. Finally, Eagle Bay Advisors LLC increased its equity stake in The PNC Financial Services Group by 2.0% in the second quarter. Eagle Bay Advisors LLC now owns 6,083 shares of the financial services provider worth $960,000 after acquiring 119 additional shares in the last quarter. 83.54% of the shares are held by institutional investors and hedge funds.
Changes to analyst ratings
PNC has been the subject of several research analyst reports. Piper Sandler set a target price of $160.00 on PNC Financial Services Group in a research report on Tuesday, July 19. Jefferies Financial Group cut its price target on PNC Financial Services Group from $188.00 to $156.00 in a Monday, July 11 research report. Credit Suisse Group cut its price target on PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a Monday, July 18 research report. Morgan Stanley raised its price target on PNC Financial Services Group from $168.00 to $180.00 in a Monday, July 18 research report. Finally, Wells Fargo & Company cut its price target on PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating on the stock in a Friday, July 1 research report. One analyst gave the stock a sell rating, eight gave the company a hold rating and six gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $197.63.
About PNC Financial Services Group
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers checking, savings and money market accounts, as well as certificates of 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, investment and cash management services.
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