PNC Financial Services Group Inc (PNC) Short Interest Up 59.0% in November

PNC Financial Services Group Inc (NYSE:PNC) was the target of a significant 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 shares of the company are sold short. Based on an average trading volume of 2,949,068 shares, the short-interest ratio is presently 2.3 days.

A number of analysts recently commented on PNC shares. ValuEngine downgraded shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Morgan Stanley decreased their price objective on shares of PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a report on Monday, October 15th. Deutsche Bank raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating in a report on Monday, October 15th. Sanford C. Bernstein raised shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $158.00 to $145.00 in a report on Monday, October 15th. Finally, BMO Capital Markets decreased their price objective on shares of PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a report on Monday, October 15th. They noted that the move was a valuation call. Fourteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $155.80.

In other news, EVP Robert Q. Reilly sold 24,710 shares of PNC Financial Services Group 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 of the company’s stock, valued at $18,406,999.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PNC. Stelac Advisory Services LLC acquired a new position in shares of PNC Financial Services Group in the third quarter valued at approximately $118,000. Rational Advisors LLC raised its position in shares of PNC Financial Services Group by 248.4% in the third quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock valued at $122,000 after buying an additional 641 shares during the last quarter. TRUE Private Wealth Advisors acquired a new position in shares of PNC Financial Services Group in the third quarter valued at approximately $127,000. Moneta Group Investment Advisors LLC purchased a new stake in PNC Financial Services Group in the second quarter valued at approximately $143,000. Finally, Landaas & Co. WI ADV purchased a new stake in PNC Financial Services Group in the second quarter valued at approximately $147,000. Institutional investors own 79.50% of the company’s stock.

Shares of PNC opened at $129.51 on Wednesday. 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 cap of $62.65 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. PNC Financial Services Group has a 12-month low of $116.55 and a 12-month high of $163.59.

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

The firm also recently announced a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s payout ratio is currently 44.71%.

PNC Financial Services Group declared that its Board of Directors has initiated a share repurchase program on Thursday, November 8th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the financial services provider to buy up to 1.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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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.

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