The PNC Financial Services Group (NYSE:PNC) EVP Sells $357,210.00 in Stock

Key Points

• PNC EVP Michael Duane Thomas sold 1,500 shares on June 12 at an average price of $238.14, for proceeds of $357,210. After the sale, he still held 5,059 shares, reducing his position by 22.87%.
• PNC’s stock recently traded higher to $234.34, near its 52-week high of $243.94, with a market cap of $94.10 billion and a dividend yield of 2.9% based on its $1.70 quarterly payout.
• The company reported solid quarterly results, posting EPS of $4.32 versus the $3.92 consensus estimate and revenue growth of 13.1% year over year, while analysts currently maintain a Moderate Buy consensus with an average price target of $246.72.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded up $3.78 during trading on Tuesday, reaching $234.34. 990,833 shares of the company's stock traded hands, compared to its average volume of 2,419,258. The PNC Financial Services Group, Inc has a 1 year low of $172.88 and a 1 year high of $243.94. The company has a market capitalization of $94.10 billion, a P/E ratio of 13.62, a PEG ratio of 0.99 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The firm's 50-day moving average is $221.21 and its 200 day moving average is $216.56.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.51 earnings per share. Equities research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

Hedge Funds Weigh In On The PNC Financial Services Group

Institutional investors have recently made changes to their positions in the stock. US Bancorp DE raised its position in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after buying an additional 34,009 shares in the last quarter. Truist Financial Corp grew its position in The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock worth $259,344,000 after acquiring an additional 39,589 shares in the last quarter. Vanguard Group Inc. increased its stake in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $13,711,000. Finally, Stoneridge Investment Partners LLC raised its position in The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock valued at $4,953,000 after purchasing an additional 8,818 shares during the period. Institutional investors own 83.53% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Stephens initiated coverage on shares of The PNC Financial Services Group in a report on Monday. They set an "overweight" rating and a $265.00 target price on the stock. Barclays raised their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 16th. Finally, Truist Financial lifted 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 note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average price target of $246.72.

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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