The PNC Financial Services Group (NYSE:PNC) Reaches New 52-Week High – Here’s What Happened

The PNC Financial Services Group, Inc (NYSE:PNC) reached a new 52-week high on Thursday . The company traded as high as $245.58 and last traded at $245.9740, with a volume of 297039 shares. The stock had previously closed at $239.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PNC shares. JPMorgan Chase & Co. upped their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Morgan Stanley increased their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Barclays boosted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $247.39.

The PNC Financial Services Group Stock Performance

The firm’s fifty day moving average price is $224.53 and its 200 day moving average price is $219.12. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $98.63 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 1.01 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.51 EPS. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 18.81 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Institutional Trading of The PNC Financial Services Group

A number of hedge funds and other institutional investors have recently bought and sold shares of PNC. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group during the 4th quarter worth $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth about $25,000. Modus Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners purchased a new position in The PNC Financial Services Group during the first quarter worth $31,000. Finally, Wilkerson Advisory Group LLC grew its holdings in shares of The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after buying an additional 71 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

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.