PNC Financial Services Group Inc (NYSE:PNC) Short Interest Update

PNC Financial Services Group Inc (NYSE:PNC) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 4,273,000 shares, a drop of 7.6% from the June 30th total of 4,623,200 shares. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 1,750,000 shares, the short-interest ratio is presently 2.4 days.

In related news, insider Gregory H. Kozich sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $139.82, for a total value of $1,398,200.00. Following the completion of the sale, the insider now owns 20,080 shares of the company’s stock, valued at $2,807,585.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $140.63, for a total transaction of $10,547,250.00. Following the completion of the sale, the chief executive officer now directly owns 657,179 shares of the company’s stock, valued at approximately $92,419,082.77. The disclosure for this sale can be found here. In the last three months, insiders sold 141,242 shares of company stock valued at $19,853,468. 0.37% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PNC. Field & Main Bank bought a new stake in PNC Financial Services Group in the 1st quarter valued at $25,000. Penserra Capital Management LLC bought a new stake in PNC Financial Services Group in the 1st quarter valued at $25,000. IMA Wealth Inc. bought a new stake in PNC Financial Services Group in the 1st quarter valued at $25,000. Westside Investment Management Inc. bought a new stake in PNC Financial Services Group in the 2nd quarter valued at $29,000. Finally, Meridian Wealth Management LLC bought a new stake in PNC Financial Services Group in the 1st quarter valued at $33,000. 81.65% of the stock is currently owned by institutional investors.

PNC has been the subject of a number of research reports. Morgan Stanley set a $141.00 price target on shares of PNC Financial Services Group and gave the company a “hold” rating in a report on Friday, August 9th. ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lifted their target price on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus price target of $143.41.

PNC traded up $0.12 during trading on Thursday, reaching $124.74. 2,330,403 shares of the company’s stock were exchanged, compared to its average volume of 2,073,262. The company’s fifty day moving average price is $138.09 and its 200-day moving average price is $131.35. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. PNC Financial Services Group has a fifty-two week low of $108.45 and a fifty-two week high of $147.00. The firm has a market capitalization of $57.28 billion, a PE ratio of 11.65, a P/E/G ratio of 1.67 and a beta of 1.07.

PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 17th. The financial services provider reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.05. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. PNC Financial Services Group had a net margin of 25.46% and a return on equity of 11.10%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.72 EPS. Research analysts forecast that PNC Financial Services Group will post 11.29 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Friday, July 19th were given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.69%. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.95%.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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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