The PNC Financial Services Group, Inc. (NYSE:PNC) Sees Large Decline in Short Interest

The PNC Financial Services Group, Inc. (NYSE:PNC) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 4,170,000 shares, a decline of 16.8% from the February 13th total of 5,010,000 shares. Based on an average daily volume of 2,050,000 shares, the days-to-cover ratio is currently 2.0 days. Currently, 1.1% of the shares of the company are sold short.

The PNC Financial Services Group Price Performance

PNC stock traded up $0.51 on Wednesday, hitting $173.86. 3,026,203 shares of the company’s stock traded hands, compared to its average volume of 1,743,541. The stock has a market cap of $68.81 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.55 and a beta of 1.13. The PNC Financial Services Group has a 1-year low of $143.52 and a 1-year high of $216.26. The stock has a fifty day moving average of $190.77 and a 200-day moving average of $192.43. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same period in the previous year, the firm posted $3.16 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts forecast that The PNC Financial Services Group will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.68%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler upped their target price on The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley upped their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Compass Point raised their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group lowered their price target on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Barclays lifted their price objective on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $203.71.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $193.62, for a total value of $240,476.04. Following the transaction, the chief executive officer now directly owns 528,797 shares in the company, valued at approximately $102,385,675.14. This trade represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 13,662 shares of company stock valued at $2,604,263 over the last 90 days. 0.42% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Winch Advisory Services LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. grew its holdings in shares of The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after buying an additional 140 shares in the last quarter. Albion Financial Group UT acquired a new position in The PNC Financial Services Group during the fourth quarter valued at $30,000. Rialto Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $32,000. Finally, Synergy Asset Management LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $32,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.