Insider Selling: The PNC Financial Services Group (NYSE:PNC) EVP Sells 1,800 Shares of Stock

Key Points

• PNC EVP Stephanie Novosel sold 1,800 shares on June 5 at an average price of $228.73, totaling about $411,714. After the sale, she held 3,107 shares, a 36.68% reduction in her stake.
• PNC shares were slightly lower in Monday trading, down 0.2% to $227.87, near the stock’s 52-week high of $243.94. The company has a market cap of about $91.5 billion.
• The bank recently beat earnings expectations, reporting $4.32 EPS versus the $3.92 consensus, while revenue rose 13.1% year over year. PNC also paid a quarterly dividend of $1.70, implying a 3.0% yield.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

The PNC Financial Services Group Trading Down 0.2%

Shares of NYSE PNC traded down $0.50 during mid-day trading on Monday, hitting $227.87. The stock had a trading volume of 711,676 shares, compared to its average volume of 2,408,181. The firm has a market cap of $91.51 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. The business has a 50 day moving average price of $218.12 and a two-hundred day moving average price of $214.61. 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 PNC Financial Services Group, Inc has a 1 year low of $172.73 and a 1 year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the company posted $3.51 EPS. The PNC Financial Services Group's quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Truist Financial raised their price objective on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a research report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Bank of America raised their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Morgan Stanley raised their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $243.11.

Institutional Investors Weigh In On The PNC Financial Services Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNC. Brighton Jones LLC increased its position in The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC increased its position in shares of The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock valued at $1,452,000 after purchasing an additional 170 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in shares of The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after purchasing an additional 1,449 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after buying an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $482,000. Hedge funds and other institutional investors 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.

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