PNC Financial Services Group Inc (NYSE:PNC) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 3,846,800 shares, an increase of 25.8% from the May 30th total of 3,057,300 shares. Based on an average trading volume of 1,660,000 shares, the short-interest ratio is currently 2.3 days. Approximately 0.8% of the company’s stock are sold short.
A number of brokerages recently issued reports on PNC. JPMorgan Chase & Co. began coverage on shares of Pinduoduo in a research report on Tuesday. They set an “underweight” rating and a $20.48 price target for the company. Zacks Investment Research cut shares of Hope Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 26th. Morgan Stanley set a $36.00 price target on shares of ArcBest and gave the company a “hold” rating in a research report on Monday, July 8th. UBS Group set a $169.00 price target on shares of M&T Bank and gave the company a “hold” rating in a research report on Tuesday, April 2nd. Finally, ValuEngine cut shares of Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 18th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $142.99.
In related news, insider Joseph E. Rockey sold 6,000 shares of PNC Financial Services Group stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $135.00, for a total transaction of $810,000.00. Following the completion of the transaction, the insider now directly owns 24,747 shares of the company’s stock, valued at approximately $3,340,845. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.37% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PNC. FMR LLC grew its stake in shares of PNC Financial Services Group by 3.8% in the first quarter. FMR LLC now owns 11,267,238 shares of the financial services provider’s stock worth $1,382,040,000 after acquiring an additional 407,250 shares during the period. Geode Capital Management LLC grew its stake in shares of PNC Financial Services Group by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock worth $647,356,000 after acquiring an additional 323,714 shares during the period. Norges Bank bought a new stake in shares of PNC Financial Services Group in the fourth quarter worth approximately $550,507,000. American Century Companies Inc. grew its stake in shares of PNC Financial Services Group by 8.9% in the first quarter. American Century Companies Inc. now owns 4,353,354 shares of the financial services provider’s stock worth $533,982,000 after acquiring an additional 357,041 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of PNC Financial Services Group by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,981,897 shares of the financial services provider’s stock worth $348,594,000 after acquiring an additional 41,309 shares during the period. Institutional investors and hedge funds own 80.31% of the company’s stock.
NYSE:PNC traded up $0.73 on Friday, reaching $142.19. 1,569,224 shares of the stock traded hands, compared to its average volume of 1,645,923. The firm has a market capitalization of $63.86 billion, a P/E ratio of 13.28, a price-to-earnings-growth ratio of 1.65 and a beta of 1.09. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.23. PNC Financial Services Group has a 12 month low of $108.45 and a 12 month high of $147.23. The stock’s fifty day moving average is $134.85.
PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $2.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.61. The business had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.24 billion. PNC Financial Services Group had a net margin of 25.93% and a return on equity of 11.20%. During the same period last year, the business earned $2.43 EPS. As a group, research analysts predict that PNC Financial Services Group will post 11.32 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 19th will be paid a dividend of $1.15 per share. This is a positive change from PNC Financial Services Group’s previous quarterly dividend of $0.95. This represents a $4.60 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 35.48%.
PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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