Key Points
- PNC EVP Stacy Juchno sold 3,354 shares for approximately $858,087 at an average price of $255.84, reducing their direct ownership by 15.14% to 18,800 shares.
- PNC shares were up 0.7% at $256.91, near their 52-week high of $258.13. The bank recently reported quarterly EPS of $4.85, beating estimates, while revenue rose 21.4% year over year to $6.88 billion.
- The company increased its quarterly dividend to $2.00, equivalent to an annualized $8.00 payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73.
The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) EVP Stacy Juchno sold 3,354 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
The PNC Financial Services Group Stock Up 0.7%
Shares of NYSE:PNC opened at $256.91 on Friday. The company has a market capitalization of $102.49 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.01 and a beta of 0.91. The company has a 50 day moving average of $246.72 and a two-hundred day moving average of $228.45. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.13. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate 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 business's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.85 earnings per share. As a group, analysts forecast 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio is currently 44.03%.
Analyst Upgrades and Downgrades
Several research analysts recently commented on PNC shares. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a research note on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Stephens upped their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, Argus upped their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $265.73.
Get Our Latest Analysis on The PNC Financial Services Group
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. BlackRock Inc. bought a new position in The PNC Financial Services Group during the second quarter worth $7,921,455,000. State Street Corp boosted its holdings in The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock worth $3,615,085,000 after purchasing an additional 77,302 shares during the period. Capital International Investors increased its stake in The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Finally, Norges Bank bought a new stake in The PNC Financial Services Group during the fourth quarter valued at $1,967,080,000. Institutional investors own 83.53% of the company's stock.
About The PNC Financial Services Group
(
Get Free Report)
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.
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