The PNC Financial Services Group (NYSE:PNC) Hits New 12-Month High – What’s Next?

The PNC Financial Services Group, Inc (NYSE:PNC) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $256.22 and last traded at $255.7710, with a volume of 240947 shares trading hands. The stock had previously closed at $252.85.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PNC shares. UBS Group upped their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Oppenheimer lifted their price objective on shares of The PNC Financial Services Group from $268.00 to $271.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Truist Financial boosted their target price on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.09.

The PNC Financial Services Group Trading Down 0.4%

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 business’s 50-day moving average price is $230.50 and its 200 day moving average price is $222.41. The company has a market cap of $101.09 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.03 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate 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 business’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.51 earnings per share. As a group, analysts expect that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. 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 over the last ninety days. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the third quarter worth $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $29,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group in the first quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC grew its stake in shares of The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 71 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

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.