HSBC Issues Positive Forecast for The PNC Financial Services Group (NYSE:PNC) Stock Price

The PNC Financial Services Group (NYSE:PNC) had its price objective boosted by HSBC from $275.00 to $283.00 in a report released on Monday morning, MarketBeat.com reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other research analysts also recently weighed in on PNC. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. Morgan Stanley upped their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Stephens increased their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada raised their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $268.62.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $223.47 on Monday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company has a 50 day moving average price of $244.28 and a 200-day moving average price of $231.69. The PNC Financial Services Group has a 1-year low of $176.88 and a 1-year high of $258.96. The firm has a market cap of $89.15 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.13 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results 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 firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.85 earnings per share. Equities research analysts forecast that The PNC Financial Services Group will post 19.23 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend 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 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $7,921,455,000. State Street Corp lifted its stake in The PNC Financial Services Group by 4.3% during the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after purchasing an additional 765,097 shares during the last quarter. Capital International Investors boosted its holdings in The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares in the last quarter. Bank of America Corp DE acquired a new position in The PNC Financial Services Group in the second quarter valued at approximately $2,102,631,000. Finally, Franklin Resources Inc. increased its stake in The PNC Financial Services Group by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 8,031,778 shares of the financial services provider’s stock valued at $1,676,473,000 after purchasing an additional 71,606 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its banking and financial services businesses, PNC serves consumers, small and mid-sized businesses, corporations, government entities and institutional clients across the United States.

PNC’s principal activities include retail banking, corporate and institutional banking, and asset management. Its products and services include deposit accounts, consumer and business lending, mortgages, credit cards, treasury management, investment banking, commercial finance, wealth management and investment advisory services.