PNC Financial Services Group Inc (NYSE:PNC) EVP Robert Q. Reilly sold 12,361 shares of the firm’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $122.50, for a total value of $1,514,222.50. Following the sale, the executive vice president now directly owns 118,671 shares in the company, valued at approximately $14,537,197.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
NYSE:PNC traded up $0.25 during trading hours on Monday, hitting $121.49. 51,610 shares of the company were exchanged, compared to its average volume of 2,468,323. The firm has a market cap of $55.94 billion, a P/E ratio of 11.34, a P/E/G ratio of 1.43 and a beta of 1.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.20. PNC Financial Services Group Inc has a one year low of $108.45 and a one year high of $163.59.
PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, January 16th. The financial services provider reported $2.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.79 by ($0.04). The company had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.37 billion. PNC Financial Services Group had a return on equity of 11.23% and a net margin of 26.51%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 earnings per share. As a group, equities research analysts expect that PNC Financial Services Group Inc will post 11.33 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, February 5th. Investors of record on Thursday, January 17th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 3.13%. The ex-dividend date was Wednesday, January 16th. PNC Financial Services Group’s dividend payout ratio is currently 35.48%.
PNC Financial Services Group declared that its Board of Directors has initiated a stock buyback program on Thursday, November 8th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
Several research firms recently weighed in on PNC. Deutsche Bank downgraded PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $123.89 price objective on the stock. in a report on Friday, January 25th. Credit Suisse Group reissued a “hold” rating and set a $146.00 price objective on shares of PNC Financial Services Group in a report on Thursday, January 17th. Royal Bank of Canada cut their price objective on PNC Financial Services Group to $150.00 and set an “average” rating on the stock in a report on Thursday, January 17th. Bank of America downgraded PNC Financial Services Group from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. Finally, Morgan Stanley cut their price objective on PNC Financial Services Group from $147.00 to $135.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 8th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $145.45.
A number of large investors have recently made changes to their positions in PNC. Oregon Public Employees Retirement Fund raised its position in PNC Financial Services Group by 11,450.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,000,055 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 5,948,109 shares during the last quarter. Capital International Investors raised its position in PNC Financial Services Group by 105.5% during the 3rd quarter. Capital International Investors now owns 2,332,232 shares of the financial services provider’s stock worth $317,627,000 after purchasing an additional 1,197,093 shares during the last quarter. Clearbridge Investments LLC raised its position in PNC Financial Services Group by 38.0% during the 3rd quarter. Clearbridge Investments LLC now owns 1,915,660 shares of the financial services provider’s stock worth $260,894,000 after purchasing an additional 527,145 shares during the last quarter. BlackRock Inc. raised its position in PNC Financial Services Group by 1.3% during the 4th quarter. BlackRock Inc. now owns 27,642,474 shares of the financial services provider’s stock worth $3,231,680,000 after purchasing an additional 341,904 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in PNC Financial Services Group by 54.0% during the 3rd quarter. Prudential Financial Inc. now owns 954,849 shares of the financial services provider’s stock worth $130,041,000 after purchasing an additional 335,010 shares during the last quarter. 80.61% of the stock is owned by institutional investors and hedge funds.
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About PNC Financial Services Group
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.
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