The PNC Financial Services Group (NYSE:PNC) Stock Crosses Above 200 Day Moving Average - Here's Why

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $229.23 and traded as high as $233.62. The PNC Financial Services Group shares last traded at $231.5190, with a volume of 1,940,397 shares traded.

Wall Street Analyst Weigh In

PNC has been the subject of several research reports. Oppenheimer upped their target price on The PNC Financial Services Group from $269.00 to $274.00 and gave the stock an "outperform" rating in a report on Monday, November 2nd. Truist Financial cut their price target on The PNC Financial Services Group from $252.00 to $248.00 and set a "hold" rating on the stock in a report on Monday, October 19th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and boosted their price target for the stock from $230.00 to $265.00 in a research report on Thursday, July 23rd. TD Cowen decreased their price objective on The PNC Financial Services Group from $245.00 to $240.00 and set a "hold" rating for the company in a research note on Friday, October 16th. Finally, Jefferies Financial Group reduced their target price on shares of The PNC Financial Services Group from $305.00 to $280.00 and set a "buy" rating for the company in a report on Thursday, September 24th. Seventeen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $266.04.

The PNC Financial Services Group Trading Up 2.7%

The company has a market cap of $91.86 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.21 and a beta of 0.92. The company's fifty day moving average is $228.37 and its two-hundred day moving average is $229.23. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.83 and a current ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The business had revenue of $6.60 billion during the quarter, compared to analysts' expectations of $6.61 billion. During the same quarter in the previous year, the firm posted $4.35 EPS. The company's revenue for the quarter was up 10.9% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.24 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th were given a dividend of $2.00 per share. The ex-dividend date was Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The PNC Financial Services Group's dividend payout ratio is currently 42.58%.

Insider Activity

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Several institutional investors have recently bought and sold shares of PNC. BlackRock Inc. acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth $7,921,455,000. State Street Corp raised its holdings in shares of The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider's stock valued at $4,538,929,000 after buying an additional 765,097 shares during the period. Bank of America Corp DE purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at $2,102,631,000. Deutsche Bank AG purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in The PNC Financial Services Group by 1.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider's stock worth $888,309,000 after acquiring an additional 39,112 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services.

PNC's businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.

The company traces its history to 1852 and took its current name following the 1983 merger of Pittsburgh National Corporation and Provident National Corporation.

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