Short Interest in PNC Financial Services Group Inc (NYSE:PNC) Increases By 20.2%
PNC Financial Services Group Inc (NYSE:PNC) was the target of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 4,623,200 shares, an increase of 20.2% from the June 15th total of 3,846,800 shares. Based on an average daily trading volume, of 1,660,000 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.0% of the company’s stock are sold short.
A number of equities research analysts have weighed in on the company. Morgan Stanley set a $36.00 price objective on ArcBest and gave the company a “hold” rating in a research note on Monday, July 8th. ValuEngine lowered Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. JPMorgan Chase & Co. assumed coverage on Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 price objective for the company. UBS Group set a $169.00 price objective on M&T Bank and gave the company a “hold” rating in a research note on Tuesday, April 2nd. Finally, Barclays raised their price objective on Zimmer Biomet from $113.00 to $117.00 and gave the company an “underweight” rating in a research note on Monday, April 15th. Twelve equities research analysts have rated the stock with 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 $142.99.
In other PNC Financial Services Group news, insider Michael J. Hannon sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $138.41, for a total transaction of $692,050.00. Following the completion of the sale, the insider now owns 52,417 shares in the company, valued at approximately $7,255,036.97. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 sale, the insider now owns 20,080 shares of the company’s stock, valued at approximately $2,807,585.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 129,285 shares of company stock worth $18,145,829. Company insiders own 0.37% of the company’s stock.
Shares of PNC traded up $1.96 during mid-day trading on Friday, hitting $142.80. The stock had a trading volume of 1,233,059 shares, compared to its average volume of 1,854,647. The stock has a market capitalization of $64.47 billion, a P/E ratio of 13.33, a PEG ratio of 1.86 and a beta of 1.09. The company’s fifty day moving average price is $137.62. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.94 and a current ratio of 0.94. PNC Financial Services Group has a fifty-two week low of $108.45 and a fifty-two week high of $147.23.
PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $2.88 EPS for the quarter, topping the consensus estimate of $2.83 by $0.05. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. PNC Financial Services Group had a return on equity of 11.10% and a net margin of 25.46%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.72 EPS. On average, equities analysts anticipate that PNC Financial Services Group will post 11.29 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Friday, July 19th will be given a $1.15 dividend. This is a positive change from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Thursday, July 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.22%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 42.95%.
PNC Financial Services Group Company Profile
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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