The PNC Financial Services Group (NYSE:PNC) Given New $250.00 Price Target at The Goldman Sachs Group

The PNC Financial Services Group (NYSE:PNC) had its price objective cut by analysts at The Goldman Sachs Group from $281.00 to $250.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target points to a potential upside of 12.96% from the company’s previous close.

A number of other research analysts also recently issued reports on PNC. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Stephens upped their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Truist Financial lowered their price target on The PNC Financial Services Group from $264.00 to $252.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Royal Bank Of Canada increased their target price 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 analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $268.45.

The PNC Financial Services Group Stock Up 0.1%

Shares of NYSE PNC traded up $0.29 during midday trading on Monday, hitting $221.32. The company’s stock had a trading volume of 755,819 shares, compared to its average volume of 2,199,019. 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 firm has a market capitalization of $88.29 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.10 and a beta of 0.94. The business’s fifty day simple moving average is $241.93 and its two-hundred day simple moving average is $232.22. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its 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 company had revenue of $6.88 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $3.85 EPS. On average, equities analysts predict that The PNC Financial Services Group will post 19.23 EPS for the current year.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following 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 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 insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of hedge funds have recently modified their holdings of the stock. QRG Capital Management Inc. grew its stake in shares of The PNC Financial Services Group by 56.8% in the 2nd quarter. QRG Capital Management Inc. now owns 81,704 shares of the financial services provider’s stock valued at $20,117,000 after buying an additional 29,597 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in The PNC Financial Services Group by 9.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 19,955 shares of the financial services provider’s stock valued at $4,913,000 after acquiring an additional 1,783 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of The PNC Financial Services Group by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,103,553 shares of the financial services provider’s stock worth $517,936,000 after purchasing an additional 90,398 shares during the last quarter. State Street Corp raised its holdings 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 valued at $4,538,929,000 after buying an additional 765,097 shares in the last quarter. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of The PNC Financial Services Group by 22.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 26,499 shares of the financial services provider’s stock worth $6,526,000 after acquiring an additional 4,932 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

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.