Citigroup Increases The PNC Financial Services Group (NYSE:PNC) Price Target to $290.00

The PNC Financial Services Group (NYSE:PNC) had its target price increased by equities researchers at Citigroup from $280.00 to $290.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective would suggest a potential upside of 16.30% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. Truist Financial raised their price objective on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. Barclays raised their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday. Finally, Bank of America increased their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $265.50.

The PNC Financial Services Group Price Performance

Shares of PNC traded down $3.51 during trading hours on Monday, reaching $249.35. 883,837 shares of the company’s stock traded hands, compared to its average volume of 2,426,676. The PNC Financial Services Group has a 12 month low of $176.88 and a 12 month high of $256.49. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The stock has a market cap of $100.13 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.01 and a beta of 0.91. The firm’s 50 day simple moving average is $233.18 and its 200-day simple moving average is $223.54.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating 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 business had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the firm posted $3.85 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. Equities analysts expect that The PNC Financial Services Group will post 19.14 EPS for the current year.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in 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. State Street Corp lifted its holdings in The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after buying an additional 77,302 shares during the period. Capital International Investors boosted its position in The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares in the last quarter. Norges Bank bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after acquiring an additional 30,078 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.