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

The PNC Financial Services Group, Inc (NYSE:PNC) saw a significant decrease in short interest in the month of January. As of January 15th, there was short interest totaling 5,487,671 shares, a decrease of 21.8% from the December 31st total of 7,019,260 shares. Currently, 1.4% of the company’s stock are sold short. Based on an average daily trading volume, of 2,654,276 shares, the short-interest ratio is presently 2.1 days. Based on an average daily trading volume, of 2,654,276 shares, the short-interest ratio is presently 2.1 days. Currently, 1.4% of the company’s stock are sold short.

Hedge Funds Weigh In On The PNC Financial Services Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth about $25,000. IMG Wealth Management Inc. acquired a new stake in The PNC Financial Services Group during the second quarter worth approximately $27,000. Concord Wealth Partners boosted its holdings in shares of The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 100 shares during the period. Westfuller Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $34,000. Finally, Beacon Financial Strategies CORP bought a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $35,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded up $6.31 on Tuesday, reaching $233.94. The stock had a trading volume of 3,721,150 shares, compared to its average volume of 2,911,553. The PNC Financial Services Group has a 12 month low of $145.12 and a 12 month high of $234.30. The firm has a market capitalization of $91.74 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 0.95 and a beta of 0.99. The firm’s 50-day moving average is $212.02 and its two-hundred day moving average is $199.66. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter in the previous year, the business earned $3.77 earnings per share. The business’s revenue was up 9.1% compared to the same quarter last year. On average, research analysts expect that The PNC Financial Services Group will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 2.9%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.99%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. TD Cowen increased their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Oppenheimer lifted their price target on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Finally, Barclays increased their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $231.00.

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.