The PNC Financial Services Group (NYSE:PNC) Hits New 1-Year High - Here's Why

Key Points

• PNC Financial Services shares hit a new 52-week high of $256.22, reflecting strong recent market momentum even though the stock was down slightly on the day.
• Analysts remain broadly positive on the stock, with an average Moderate Buy rating and a consensus price target of $258.09; several firms recently raised their targets, including Wells Fargo and Morgan Stanley.
• The company reported better-than-expected quarterly earnings of $4.32 per share and recently raised its quarterly dividend to $2.00 per share, boosting the annualized payout to $8.00 and the yield to about 3.2%.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $256.22 and last traded at $255.7710, with a volume of 240947 shares. The stock had previously closed at $252.85.

Wall Street Analyst Weigh In

A number of research firms recently commented on PNC. Stephens assumed coverage on shares of The PNC Financial Services Group in a report on Monday, June 15th. They issued an "overweight" rating and a $265.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $264.00 to $270.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Weiss Ratings reissued a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. One investment 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's stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $258.09.

The PNC Financial Services Group Stock Down 0.4%

The firm has a market capitalization of $101.09 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 1.03 and a beta of 0.91. The business has a 50 day moving average price of $230.50 and a 200 day moving average price of $222.41. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period in the prior year, the business earned $3.51 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 13.1% compared to the same quarter last year. On average, analysts predict 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. Stockholders of record on Monday, July 20th will be given a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. Company insiders own 0.38% of the company's stock.

Institutional Trading of The PNC Financial Services Group

Several institutional investors have recently made changes to their positions in the business. Cvfg LLC grew its stake in shares of The PNC Financial Services Group by 2.5% in the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after purchasing an additional 43 shares during the period. Trust Asset Management LLC boosted its stake in shares of The PNC Financial Services Group by 1.0% in the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock valued at $1,097,000 after purchasing an additional 43 shares in the last quarter. YANKCOM Partnership grew its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock worth $539,000 after purchasing an additional 46 shares during the last quarter. Westfuller Advisors LLC lifted its holdings in The PNC Financial Services Group by 26.9% during the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 46 shares during the last quarter. Finally, Baron Wealth Management LLC boosted its position in The PNC Financial Services Group by 3.0% in the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after buying an additional 46 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

About The PNC Financial Services Group

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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