The PNC Financial Services Group (NYSE:PNC) Shares Gap Down - Here's What Happened

The PNC Financial Services Group, Inc. (NYSE:PNC - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $200.44, but opened at $185.50. The PNC Financial Services Group shares last traded at $192.51, with a volume of 914,827 shares trading hands.

Analyst Ratings Changes

PNC has been the topic of a number of research reports. Evercore ISI increased their price objective on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Piper Sandler increased their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Compass Point increased their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Finally, Stephens reissued an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Hold" and an average target price of $205.00.

The PNC Financial Services Group Stock Up 0.9 %

The stock has a market cap of $78.71 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 1.77 and a beta of 1.16. The business's 50 day moving average is $201.51 and its 200-day moving average is $186.74. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company's revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $3.16 earnings per share. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.40 annualized dividend and a yield of 3.23%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 54.10%.

Insider Activity

In related news, Director Martin Pfinsgraff sold 859 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now owns 915 shares of the company's stock, valued at approximately $170,299.80. This represents a 48.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $216.01, for a total transaction of $268,284.42. Following the completion of the transaction, the chief executive officer now directly owns 533,765 shares in the company, valued at $115,298,577.65. This trade represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,030 shares of company stock worth $5,928,202 over the last quarter. 0.42% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Fifth Third Wealth Advisors LLC increased its stake in shares of The PNC Financial Services Group by 48.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider's stock worth $5,160,000 after acquiring an additional 8,735 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 45.6% in the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider's stock valued at $1,185,000 after purchasing an additional 2,009 shares during the period. BSN CAPITAL PARTNERS Ltd acquired a new stake in The PNC Financial Services Group during the third quarter worth about $12,548,000. Bleakley Financial Group LLC raised its stake in The PNC Financial Services Group by 9.0% during the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider's stock worth $2,913,000 after purchasing an additional 1,299 shares during the period. Finally, Deerfield Management Company L.P. Series C acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at about $822,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.