The PNC Financial Services Group, Inc (NYSE:PNC) Receives $265.73 Consensus Target Price from Brokerages

The PNC Financial Services Group, Inc (NYSE:PNC) has been assigned an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $265.7250.

PNC has been the topic of several analyst reports. Royal Bank Of Canada boosted their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. UBS Group lifted their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Citigroup upped their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th.

The PNC Financial Services Group Trading Up 0.2%

Shares of The PNC Financial Services Group stock opened at $244.15 on Friday. The stock has a fifty day simple moving average of $248.75 and a 200 day simple moving average of $229.47. The PNC Financial Services Group has a 12-month low of $176.88 and a 12-month high of $258.96. The company has a market capitalization of $97.40 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the firm earned $3.85 EPS. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. On average, sell-side analysts anticipate that The PNC Financial Services Group will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 6,654 shares of company stock valued at $1,627,011. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several institutional investors have recently bought and sold shares of PNC. California State Teachers Retirement System raised its holdings in The PNC Financial Services Group by 24,820.0% during the 2nd quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider’s stock valued at $37,967,719,000 after acquiring an additional 153,583,625 shares during the period. Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the period. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth about $7,921,455,000. State Street Corp boosted its stake in The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after purchasing an additional 77,302 shares during the period. Finally, Capital International Investors boosted its stake in The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after purchasing an additional 1,101,055 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.