The PNC Financial Services Group (NYSE:PNC) EVP Sells $584,775.00 in Stock

The PNC Financial Services Group, Inc (NYSE:PNC) EVP Alexander Overstrom sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

The PNC Financial Services Group Stock Performance

PNC traded up $1.56 during midday trading on Wednesday, reaching $232.80. The company’s stock had a trading volume of 2,362,517 shares, compared to its average volume of 2,952,891. The company has a fifty day simple moving average of $220.07 and a 200 day simple moving average of $202.59. The stock has a market cap of $91.30 billion, a P/E ratio of 14.03, a PEG ratio of 0.96 and a beta of 0.99. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter last year, the company earned $3.77 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group’s dividend payout ratio is presently 40.99%.

Hedge Funds Weigh In On The PNC Financial Services Group

Several institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of The PNC Financial Services Group by 12.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after purchasing an additional 6,572 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of The PNC Financial Services Group by 1.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after buying an additional 22,325 shares during the last quarter. Savant Capital LLC increased its stake in shares of The PNC Financial Services Group by 8.7% in the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after buying an additional 7,064 shares during the period. National Pension Service raised its position in shares of The PNC Financial Services Group by 2.5% during the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after acquiring an additional 26,305 shares during the last quarter. Finally, First Horizon Corp acquired a new position in shares of The PNC Financial Services Group in the third quarter worth approximately $8,360,000. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PNC. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Truist Financial lifted their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a research report on Thursday, December 18th. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a report on Monday, February 9th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

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.