The PNC Financial Services Group (NYSE:PNC) Reaches New 1-Year High – Here’s Why

The PNC Financial Services Group, Inc (NYSE:PNC)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $258.13 and last traded at $255.5820, with a volume of 82372 shares traded. The stock had previously closed at $255.37.

Wall Street Analysts Forecast Growth

Several analysts have commented on PNC shares. Bank of America lifted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Robert W. Baird increased their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, Truist Financial increased their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Price Performance

The stock’s fifty day moving average is $242.23 and its 200-day moving average is $226.94. The stock has a market capitalization of $102.23 billion, a PE ratio of 14.05, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.85 earnings per share. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,300 shares of company stock worth $10,694,574 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PNC. Bridgewater Advisors Inc. acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at $438,000. USA Financial Formulas purchased a new position in The PNC Financial Services Group during the first quarter valued at $181,000. Trust Asset Management LLC lifted its holdings in The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock valued at $1,097,000 after purchasing an additional 43 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $213,000. Finally, Northside Capital Management LLC grew its position in shares of The PNC Financial Services Group by 1.9% in the second quarter. Northside Capital Management LLC now owns 41,882 shares of the financial services provider’s stock valued at $10,312,000 after purchasing an additional 798 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.