The PNC Financial Services Group (NYSE:PNC) Stock Gets Price Target Reduction from UBS Group

The PNC Financial Services Group (NYSE:PNC) had its price target lowered by UBS Group from $286.00 to $278.00 in a research report report published on Monday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

PNC has been the topic of a number of other reports. Robert W. Baird lifted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods dropped their price objective on The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating on the stock in a research report on Friday, October 16th. Jefferies Financial Group cut 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 note on Thursday, September 24th. Finally, DA Davidson lifted their target price on The PNC Financial Services Group from $247.00 to $281.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Seventeen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $266.04.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $233.43 on Monday. The firm has a market cap of $93.13 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 1.19 and a beta of 0.92. The company’s 50 day moving average is $229.31 and its 200 day moving average is $229.16. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.23. The PNC Financial Services Group has a 52-week low of $177.08 and a 52-week high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The PNC Financial Services Group’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.35 earnings per share. On average, sell-side analysts anticipate that The PNC Financial Services Group will post 19.24 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is presently 42.58%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were 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 of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $7,921,455,000. State Street Corp grew its position in shares of 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 buying an additional 765,097 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $2,102,631,000. Deutsche Bank AG bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of The PNC Financial Services Group by 1.1% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock worth $888,309,000 after buying an additional 39,112 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 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.