The PNC Financial Services Group (NYSE:PNC) Cut to Hold at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group (NYSE:PNC) from a buy rating to a hold rating in a research report report published on Thursday, MarketBeat reports. They currently have $265.00 price target on the financial services provider’s stock.

Several other analysts have also recently issued reports on PNC. Oppenheimer increased their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Royal Bank Of Canada boosted their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Truist Financial upped their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. Morgan Stanley increased their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Finally, Barclays lifted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $265.48.

The PNC Financial Services Group Trading Up 0.5%

NYSE PNC opened at $250.59 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $100.63 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.00 and a beta of 0.91. The firm has a 50 day simple moving average of $236.91 and a 200-day simple moving average of $224.87. The PNC Financial Services Group has a one year low of $176.88 and a one year high of $256.49.

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 PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the business earned $3.85 EPS. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. Equities research analysts anticipate that The PNC Financial Services Group will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date is 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 3.2%. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last quarter. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at $1,967,080,000. Viking Global Investors LP grew its holdings in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in shares of The PNC Financial Services Group by 961.7% in the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after purchasing an additional 2,382,552 shares during the last quarter. Deutsche Bank AG boosted its position in shares of The PNC Financial Services Group by 108.2% in the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after purchasing an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of The PNC Financial Services Group by 50.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after purchasing an additional 1,162,964 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Company Profile

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.