The PNC Financial Services Group (NYSE:PNC) Sets New 1-Year High – Should You Buy?

The PNC Financial Services Group, Inc (NYSE:PNC) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $258.85 and last traded at $257.9930, with a volume of 26822 shares traded. The stock had previously closed at $256.97.

Analyst Upgrades and Downgrades

PNC has been the subject of several research reports. UBS Group increased their target price on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Morgan Stanley upped 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 note on Monday, June 29th. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Robert W. Baird lifted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Finally, Argus boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Price Performance

The business has a 50-day simple moving average of $246.72 and a 200 day simple moving average of $228.51. The stock has a market cap of $102.19 billion, a P/E ratio of 14.09, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $6.51 billion. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same period last year, the company earned $3.85 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insider Activity

In other news, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on 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 owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction 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 sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last 90 days. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at about $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group during the third quarter worth approximately $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the second quarter worth approximately $28,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth approximately $29,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group in the first quarter worth approximately $31,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

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.