The PNC Financial Services Group (NYSE:PNC) Sets New 12-Month High - What's Next?

Key Points

• PNC shares reached a new 52-week high, trading as high as $258.85. Analysts maintain a “Moderate Buy” consensus, with an average price target of $265.73, though Deutsche Bank downgraded the stock to “Hold.”
• PNC reported strong quarterly results, posting $4.85 in EPS and $6.88 billion in revenue, surpassing analyst estimates and marking 21.4% year-over-year revenue growth.
• The company increased its quarterly dividend from $1.70 to $2.00 per share, representing an annualized payout of $8.00 and a 3.1% yield. Insiders sold approximately $11.6 million of stock over the past 90 days.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report)'s share price reached a new 52-week high during trading on Monday . The stock traded as high as $258.85 and last traded at $257.9930, with a volume of 26822 shares trading hands. The stock had previously closed at $256.97.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PNC. Barclays lifted their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective on the stock. in a report on Thursday, July 23rd. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Truist Financial boosted their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada raised their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Price Performance

The company has a fifty day simple moving average of $246.72 and a two-hundred day simple moving average of $228.51. The stock has a market capitalization of $102.19 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.02 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the firm posted $3.85 EPS. The PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. As a group, equities research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This is a positive change 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 yield of 3.1%. The PNC Financial Services Group's dividend payout ratio is currently 44.03%.

Insider Activity

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 51,654 shares of company stock valued at $11,552,661 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Cvfg LLC grew its stake in shares of The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after buying an additional 43 shares during the last quarter. Trust Asset Management LLC increased its holdings in shares of The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after buying an additional 43 shares in the last quarter. Atom Investors LP lifted its stake in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock valued at $529,000 after acquiring an additional 46 shares during the last quarter. Baron Wealth Management LLC boosted its holdings in shares of The PNC Financial Services Group by 3.0% during the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after acquiring an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock valued at $2,847,000 after acquiring an additional 48 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, 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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