Short Interest in The PNC Financial Services Group, Inc. (NYSE:PNC) Decreases By 16.8%

The PNC Financial Services Group, Inc. (NYSE:PNC) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 4,170,000 shares, a decrease of 16.8% from the February 13th total of 5,010,000 shares. Based on an average daily trading volume, of 2,050,000 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.1% of the shares of the company are sold short.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, December 27th. The stock was sold at an average price of $193.62, for a total transaction of $240,476.04. Following the completion of the transaction, the chief executive officer now directly owns 528,797 shares in the company, valued at $102,385,675.14. This represents a 0.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 13,662 shares of company stock worth $2,604,263 in the last three months. 0.42% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Loomis Sayles & Co. L P raised its position in The PNC Financial Services Group by 8.7% during the third quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock valued at $115,000 after buying an additional 50 shares during the period. Baltimore Washington Financial Advisors Inc. raised its position in The PNC Financial Services Group by 3.1% during the fourth quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock valued at $324,000 after buying an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in The PNC Financial Services Group by 2.4% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after buying an additional 53 shares during the period. Transcend Capital Advisors LLC raised its position in The PNC Financial Services Group by 1.8% during the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after buying an additional 55 shares during the period. Finally, Altman Advisors Inc. raised its position in The PNC Financial Services Group by 0.5% during the third quarter. Altman Advisors Inc. now owns 10,506 shares of the financial services provider’s stock valued at $1,942,000 after buying an additional 56 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on PNC. Barclays boosted their price target on The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial boosted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research report on Friday, January 17th. Citigroup boosted their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Morgan Stanley boosted their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $205.00.

The PNC Financial Services Group Trading Down 0.5 %

Shares of NYSE PNC traded down $0.80 during mid-day trading on Tuesday, hitting $173.20. 4,219,487 shares of the company traded hands, compared to its average volume of 1,740,430. The PNC Financial Services Group has a 1 year low of $143.52 and a 1 year high of $216.26. The stock has a market capitalization of $68.54 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.55 and a beta of 1.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The business has a 50 day moving average of $191.61 and a two-hundred day moving average of $192.65.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the business posted $3.16 earnings per share. The PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is 46.55%.

About The PNC Financial Services Group

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.