PNC Financial Services Group Inc (PNC) Sees Large Increase in Short Interest

PNC Financial Services Group Inc (NYSE:PNC) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 6,740,519 shares, an increase of 59.0% from the October 31st total of 4,239,985 shares. Currently, 1.5% of the company’s stock are sold short. Based on an average daily volume of 2,949,068 shares, the days-to-cover ratio is currently 2.3 days.

PNC has been the topic of several research reports. Sanford C. Bernstein upgraded shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $158.00 to $145.00 in a research note on Monday, October 15th. BMO Capital Markets lowered shares of PNC Financial Services Group from an “outperform” rating to a “market perform” rating and set a $139.00 price objective on the stock. in a research note on Monday, November 19th. They noted that the move was a valuation call. ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Macquarie lowered shares of PNC Financial Services Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, November 27th. Finally, Nomura dropped their price objective on shares of PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a research note on Monday, October 15th. Fourteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. PNC Financial Services Group has a consensus rating of “Hold” and a consensus target price of $155.80.

NYSE PNC opened at $129.51 on Thursday. PNC Financial Services Group has a 52 week low of $116.55 and a 52 week high of $163.59. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $62.65 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.34 and a beta of 0.92.

PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, October 12th. The financial services provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same quarter in the prior year, the firm earned $2.16 EPS. As a group, equities analysts expect that PNC Financial Services Group will post 10.76 earnings per share for the current year.

PNC Financial Services Group declared that its board has approved a stock repurchase program on Thursday, November 8th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

In other news, EVP Robert Q. Reilly sold 24,710 shares of the company’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $140.49, for a total value of $3,471,507.90. Following the sale, the executive vice president now owns 131,020 shares in the company, valued at approximately $18,406,999.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Stelac Advisory Services LLC bought a new position in PNC Financial Services Group in the 3rd quarter worth about $118,000. Rational Advisors LLC grew its position in PNC Financial Services Group by 248.4% in the 3rd quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 641 shares during the last quarter. TRUE Private Wealth Advisors bought a new position in PNC Financial Services Group in the 3rd quarter worth about $127,000. Landaas & Co. WI ADV bought a new position in PNC Financial Services Group in the 2nd quarter worth about $147,000. Finally, Archford Capital Strategies LLC grew its position in PNC Financial Services Group by 197.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,090 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 723 shares during the last quarter. Hedge funds and other institutional investors own 79.50% of the company’s stock.

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PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

See Also: Relative Strength Index

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