Evercore Issues Pessimistic Forecast for The PNC Financial Services Group (NYSE:PNC) Stock Price

Key Points

• Evercore lowered its PNC price target from $265 to $260 while maintaining an “outperform” rating, implying roughly 20.3% upside from the prior close.
• Analyst sentiment remains favorable overall: 17 analysts rate PNC a Buy and seven rate it Hold, producing a “Moderate Buy” consensus and an average price target of $266.13.
• PNC reported quarterly EPS of $5.09, beating estimates of $4.91, while revenue reached $6.60 billion, up 10.9% year over year but slightly below expectations.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price objective reduced by equities researchers at Evercore from $265.00 to $260.00 in a report released on Monday. The firm currently has an "outperform" rating on the financial services provider's stock. Evercore's price target would suggest a potential upside of 20.28% from the stock's previous close.

A number of other research analysts have also commented on PNC. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Stephens reduced their target price on shares of The PNC Financial Services Group from $265.00 to $250.00 and set an "overweight" rating for the company in a research note on Monday. Citigroup decreased their target price on The PNC Financial Services Group from $290.00 to $270.00 in a research report on Monday. JPMorgan Chase & Co. lowered their price target on The PNC Financial Services Group from $269.50 to $258.00 and set an "overweight" rating on the stock in a research note on Friday, October 2nd. Finally, Argus boosted their price target on 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. Seventeen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $266.13.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock traded down $1.24 during midday trading on Monday, hitting $216.15. The company had a trading volume of 1,566,480 shares, compared to its average volume of 2,216,299. The PNC Financial Services Group has a 1-year low of $177.08 and a 1-year high of $258.96. The business's 50 day simple moving average is $235.33 and its two-hundred day simple moving average is $233.29. The stock has a market cap of $86.23 billion, a PE ratio of 11.50, a P/E/G ratio of 1.14 and a beta of 0.94. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, beating the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion during the quarter, compared to analysts' expectations of $6.61 billion. During the same period in the prior year, the company earned $4.35 EPS. The business's quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities analysts predict that The PNC Financial Services Group will post 19.22 EPS for the current fiscal year.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Highland Investment Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at $28,000. Archer Investment Corp bought a new stake in The PNC Financial Services Group in the second quarter valued at $33,000. Financial Life Planners bought a new stake in The PNC Financial Services Group in the first quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC grew its position in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 71 shares during the period. 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. 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.

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