The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $259.00

The PNC Financial Services Group (NYSE:PNC) had its target price boosted by JPMorgan Chase & Co. from $258.00 to $259.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other brokerages have also commented on PNC. TD Cowen cut their price objective on The PNC Financial Services Group from $245.00 to $240.00 and set a “hold” rating for the company in a report on Friday, October 16th. Truist Financial lowered their price target on The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating for the company in a report on Monday, October 19th. Argus lifted their price objective on shares of 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. Bank of America cut their price objective on shares of The PNC Financial Services Group from $291.00 to $276.00 in a report on Thursday, October 8th. Finally, Jefferies Financial Group dropped their target price on The PNC Financial Services Group from $305.00 to $280.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $266.17.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $227.88 on Friday. The PNC Financial Services Group has a 52-week low of $177.08 and a 52-week high of $258.96. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84. The business has a 50 day simple moving average of $230.03 and a 200 day simple moving average of $228.88. The stock has a market cap of $90.91 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.18 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, beating analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same period last year, the firm posted $4.35 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 42.58%.

Insider Buying and Selling

In other news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $2,102,631,000. Nykredit A S purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $33,532,000. AMG National Trust Bank purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at $30,557,000. Amundi lifted its holdings in shares of The PNC Financial Services Group by 5.2% during the second quarter. Amundi now owns 1,824,741 shares of the financial services provider’s stock valued at $449,288,000 after purchasing an additional 90,734 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $69,078,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.