Morgan Stanley Cuts PNC Financial Services Group (PNC) Price Target to $160.00
PNC Financial Services Group (NYSE:PNC) had its target price decreased by Morgan Stanley from $168.00 to $160.00 in a research report report published on Monday morning. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.
Several other research firms also recently weighed in on PNC. Vining Sparks reissued a buy rating and set a $160.00 price objective on shares of PNC Financial Services Group in a report on Tuesday, October 9th. Sanford C. Bernstein raised PNC Financial Services Group from a market perform rating to an outperform rating and cut their price objective for the company from $158.00 to $145.00 in a report on Monday. Deutsche Bank raised PNC Financial Services Group from a hold rating to a buy rating in a report on Monday. Finally, ValuEngine downgraded PNC Financial Services Group from a hold rating to a sell rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company. PNC Financial Services Group presently has an average rating of Hold and a consensus target price of $154.62.
Shares of PNC stock opened at $124.22 on Monday. The firm has a market capitalization of $59.12 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.25 and a beta of 0.92. PNC Financial Services Group has a fifty-two week low of $121.61 and a fifty-two week high of $163.59. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.91 and a current ratio of 0.91.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 5th. Investors of record on Wednesday, October 17th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 3.06%. The ex-dividend date is Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio is currently 44.71%.
In related news, EVP Robert Q. Reilly sold 24,710 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the transaction, the executive vice president now directly owns 131,020 shares of the company’s stock, valued at approximately $18,406,999.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Toronto Dominion Bank raised its position in PNC Financial Services Group by 18.2% during the 2nd quarter. Toronto Dominion Bank now owns 310,829 shares of the financial services provider’s stock worth $41,984,000 after purchasing an additional 47,843 shares during the last quarter. Banque Pictet & Cie SA raised its position in PNC Financial Services Group by 10.1% during the 2nd quarter. Banque Pictet & Cie SA now owns 12,868 shares of the financial services provider’s stock worth $1,738,000 after purchasing an additional 1,183 shares during the last quarter. California Public Employees Retirement System raised its position in PNC Financial Services Group by 0.4% during the 2nd quarter. California Public Employees Retirement System now owns 1,311,395 shares of the financial services provider’s stock worth $177,169,000 after purchasing an additional 5,470 shares during the last quarter. Stephens Inc. AR raised its position in PNC Financial Services Group by 21.2% during the 2nd quarter. Stephens Inc. AR now owns 21,911 shares of the financial services provider’s stock worth $2,960,000 after purchasing an additional 3,828 shares during the last quarter. Finally, Cypress Capital Group raised its position in PNC Financial Services Group by 32.4% during the 2nd quarter. Cypress Capital Group now owns 5,768 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 1,410 shares during the last quarter. 79.90% of the stock is owned by institutional investors and hedge funds.
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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