PNC Financial Services Group (NYSE:PNC) Sees Unusually High Trading Volume After Analysts Upgrade

Shares of PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) saw unusually high trading volume on Tuesday after Morgan Stanley raised its price target on the stock from $168.00 to 180.00 $. Approximately 38,807 shares were traded during the midday session, down 98% from the previous session’s volume of 1,900,866 shares.

A number of other analysts have also recently released reports on the company. Argus cut its price target on financial services group PNC from $245.00 to $220.00 in a Monday, April 18 report. Piper Sandler cut its price target on financial services group PNC from $215.00 to $201.00 and set a “neutral” rating for the company in a Friday, April 1 report. Wolfe Research cut its price target on PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating for the company in a Thursday, May 26 report. StockNews.com began covering PNC Financial Services Group in a research report on Thursday, March 31. They issued a “hold” rating on the stock. Finally, Raymond James upgraded the PNC Financial Services Group from an “outperforming” rating to a “market performing” rating in a Thursday, July 7 research report. One equity research analyst gave the stock a sell rating, nine gave the company a hold rating and six gave the company a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $202.18.

Insider Activity at The PNC Financial Services Group

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In related news, EVP Guild Deborah sold 1,257 shares in a trade on Tuesday, May 3. The stock was sold at an average price of $170.56, for a total value of $214,393.92. Following the completion of the sale, the executive vice president now directly owns 23,360 shares of the company, valued at approximately $3,984,281.60. The sale was disclosed in a legal filing with the SEC, accessible via the SEC’s website. Separately, Guild Executive Vice President Deborah sold 1,257 shares of the company in a trade dated Tuesday, May 3. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the sale, the executive vice president now directly owns 23,360 shares of the company, valued at $3,984,281.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, director Robert A. Niblock purchased 2,000 shares in a trade dated Friday, May 6. The shares were acquired at an average price of $167.07 per share, with a total value of $334,140.00. Following the completion of the purchase, the director now directly owns 6,063 shares of the company, valued at $1,012,945.41. Disclosure of this purchase can be found here. 0.34% of the shares are held by insiders.

Institutional investors weigh on the PNC Financial Services group

A number of hedge funds have recently changed their positions in the business. ACG Wealth bought a new position in The PNC Financial Services Group during Q2 for a value of approximately $27,000. Citizens National Bank Trust Department acquired a new stake in shares of The PNC Financial Services Group in Q4 worth $28,000. Retirement Planning Co of New England Inc. bought a new position in The PNC Financial Services Group in Q4 for $30,000. Mascoma Wealth Management LLC increased its stake in The PNC Financial Services Group by 89.8% in the 1st quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider worth $31,000 after acquiring an additional 79 shares during the period. Finally, Guardian Wealth Management Inc. bought a new position in The PNC Financial Services Group in Q4 worth $32,000. Institutional investors hold 83.54% of the company’s shares.

Financial services group PNC up 2.0%

The stock has a market capitalization of $65.28 billion, a P/E ratio of 12.10, a P/E/G ratio of 2.28 and a beta of 1.24. The company has a current ratio of 0.76, a quick ratio of 0.74 and a debt ratio of 0.76. The company’s fifty-day moving average is $161.29 and its 200-day moving average is $182.71.

PNC Financial Services Group (NYSE:PNC – Get Rating) last released quarterly earnings data on Friday, July 15. The financial services provider reported earnings per share (EPS) of $3.42 for the quarter, beating the consensus estimate of $3.11 by $0.31. The PNC Financial Services group achieved a net margin of 27.32% and a return on equity of 11.93%. The company posted revenue of $5.12 billion for the quarter, versus a consensus estimate of $5.13 billion. In the same quarter a year earlier, the company posted EPS of $4.50. The company’s revenues increased by 9.6% compared to the same quarter last year. As a group, equity research analysts expect The PNC Financial Services Group, Inc. to post EPS of 14.28 for the current year.

PNC Financial Services group announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 5. Shareholders of record on Wednesday, July 13 will receive a dividend of $1.50. The ex-dividend date is Tuesday, July 12. This represents a dividend of $6.00 on an annualized basis and a yield of 3.80%. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.95%.

PNC Financial Services Group Company Profile

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The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.

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