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PNC Financial Services Group, Inc. (New York Stock Exchange: PNC – Get a rating) was the target of strong short-term interest growth in October. As of October 15, there was short interest totaling 6,280,000 shares, a growth of 13.4% from the total of 5,540,000 shares as of September 30. Based on an average daily volume of 1,760,000 shares, the day-to-cover ratio is currently 3.6 days. Currently, 1.5% of the company’s shares are sold short.
Analyst upgrades and downgrades
A number of brokerages have recently released reports on PNC. StockNews.com began covering financial services group PNC in a report on Wednesday, October 12. They issued a “hold” rating for the company. Raymond James downgraded PNC Financial Services Group from an “outperforming” rating to a “market performing” rating in a Thursday, July 7 research note. Piper Sandler set a price target of $160.00 on PNC Financial Services Group in a Tuesday, July 19 research note. JPMorgan Chase & Co. cut its price target on PNC Financial Services Group from $191.00 to $171.50 in a Tuesday, October 11 research note. Finally, Credit Suisse Group lowered its price target on PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating for the company in a Monday, July 18 research note. One equity research analyst gave the stock a sell rating, seven gave the stock a hold rating and five gave the stock a buy rating. Based on data from MarketBeat.com, PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $188.56.
Insider Trading at The PNC Financial Services Group
In related news, EVP Michael P.Lyons sold 3,500 shares in a trade that took place on Tuesday, August 23. The stock was sold at an average price of $166.96, for a total value of $584,360.00. Following completion of the transaction, the executive vice president now directly owns 174,651 shares of the company, valued at approximately $29,159,730.96. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Insiders own 0.34% of the shares of the company.
Institutional negotiation of the PNC Financial Services group
Hedge funds and other institutional investors have recently changed their holdings in the company. Mascoma Wealth Management LLC increased its position in shares of The PNC Financial Services Group by 89.8% during the 1st quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider worth $31,000 after buying 79 additional shares in the last quarter. ACG Wealth acquired a new equity position in The PNC Financial Services Group during Q2 worth approximately $27,000. West Financial Advisors LLC acquired a new equity position in The PNC Financial Services Group during Q3 worth approximately $26,000. Win Advisors Inc. increased its position in shares of The PNC Financial Services Group by 61.0% during the 2nd quarter. Win Advisors Inc. now owns 198 shares of the financial services provider worth $32,000 after buying 75 more shares in the last quarter. Finally, FSC Wealth Advisors LLC acquired a new position in shares of The PNC Financial Services Group during Q2 worth approximately $35,000. 81.89% of the shares are currently held by hedge funds and other institutional investors.
PNC Financial Services Group shares down 0.7%
Shares of ANC was trading down $1.12 in midday trading on Monday, hitting $161.75. The company’s shares had a trading volume of 103,534 shares, compared to its average volume of 2,131,420. The company has a fifty-day moving average of $157.83 and a 200-day moving average of 162 $.34. The company has a market capitalization of $66.34 billion, a price-to-earnings ratio of 12.28, a growth price-to-earnings ratio of 2.44 and a beta of 1.16. PNC Financial Services Group has a 1-year low of $143.52 and a 1-year high of $228.14. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt ratio of 1.09.
The financial services group PNC (New York Stock Exchange: PNC – Get a rating) last released its results on Friday, October 14. The financial services provider reported earnings per share (EPS) of $3.78 for the quarter, beating analyst consensus estimates of $3.69 by $0.09. The PNC Financial Services group achieved a return on equity of 12.45% and a net margin of 26.96%. The company posted revenue of $5.55 billion in the quarter, versus analyst estimates of $5.40 billion. In the same quarter of the previous year, the company had earned earnings per share of $3.75. The company’s revenue for the quarter increased 6.8% year over year. As a group, analysts expect PNC Financial Services Group to post earnings per share of 14.45 for the current fiscal year.
PNC Financial Services Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Saturday, November 5. Investors of record on Monday, October 17 will receive a dividend of $1.50 per share. The ex-dividend date is Friday, October 14. This represents an annualized dividend of $6.00 and a dividend yield of 3.71%. PNC Financial Services Group’s dividend payout ratio is 45.25%.
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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