The PNC Financial Services Group, Inc. (NYSE:PNC) Sees Large Increase in Short Interest

The PNC Financial Services Group, Inc. (NYSE:PNC) was the recipient of a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 5,480,000 shares, a growth of 19.1% from the December 31st total of 4,600,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average trading volume of 2,030,000 shares, the days-to-cover ratio is presently 2.7 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PNC shares. Barclays upped their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Stephens reiterated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Evercore ISI upped their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $205.00.

Insider Transactions at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the transaction, the director now owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $216.01, for a total transaction of $268,284.42. Following the completion of the sale, the chief executive officer now directly owns 533,765 shares in the company, valued at approximately $115,298,577.65. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,171 shares of company stock valued at $5,786,210. 0.42% of the stock is currently owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Winch Advisory Services LLC purchased a new position in The PNC Financial Services Group during the fourth quarter valued at $25,000. Richardson Financial Services Inc. raised its stake in shares of The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after buying an additional 140 shares during the period. Albion Financial Group UT purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $30,000. Synergy Asset Management LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $32,000. Finally, Financial Life Planners purchased a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $200.63 on Monday. The company has a market capitalization of $79.60 billion, a PE ratio of 14.59, a PEG ratio of 1.63 and a beta of 1.16. The business has a fifty day moving average price of $199.85 and a 200-day moving average price of $189.75. The PNC Financial Services Group has a 1-year low of $139.69 and a 1-year high of $216.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.16 EPS. As a group, equities analysts expect that The PNC Financial Services Group will post 15.26 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is 46.55%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time 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, and investment and cash management services.