The PNC Financial Services Group (NYSE:PNC) Price Target Cut to $270.00 by Analysts at Citigroup

Key Points

• Citigroup lowered PNC’s price target to $270 from $290, while maintaining implied upside of approximately 24.9% from the stock’s $216.15 trading price.
• Analyst sentiment remains positive overall: PNC has a consensus “Moderate Buy” rating, with 17 Buy ratings and seven Holds, and an average target price of $266.13.
• PNC exceeded quarterly earnings expectations, reporting $5.09 in EPS versus the $4.91 consensus, while revenue rose 10.9% year over year to $6.60 billion.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price target dropped by investment analysts at Citigroup from $290.00 to $270.00 in a report released on Monday. Citigroup's target price would suggest a potential upside of 24.91% from the company's current price.

PNC has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and boosted their target price for the stock from $230.00 to $265.00 in a report on Thursday, July 23rd. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $269.50 to $258.00 and set an "overweight" rating for the company in a report on Friday, October 2nd. UBS Group lowered their price target on shares of The PNC Financial Services Group from $288.00 to $286.00 and set a "buy" rating for the company in a report on Monday, October 5th. HSBC lifted their price target on The PNC Financial Services Group from $275.00 to $283.00 and gave the stock a "buy" rating in a research report on Monday, September 28th. Finally, Keefe, Bruyette & Woods reduced 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 note on Friday. Seventeen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $266.13.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock traded down $1.24 during trading on Monday, reaching $216.15. 1,566,480 shares of the stock traded hands, compared to its average volume of 2,216,299. 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 current ratio of 0.84 and a quick ratio of 0.83. The business has a fifty day simple moving average of $235.33 and a two-hundred day simple moving average of $233.29. The company has a market capitalization of $86.23 billion, a price-to-earnings ratio of 11.50, a P/E/G ratio of 1.14 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping analysts' consensus estimates of $4.91 by $0.18. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate 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 firm's revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.35 earnings per share. Sell-side analysts expect that The PNC Financial Services Group will post 19.22 EPS for the current year.

Insider Transactions at The PNC Financial Services Group

In related 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 transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in PNC. BlackRock Inc. purchased a new position in The PNC Financial Services Group in the second quarter valued at about $7,921,455,000. State Street Corp grew its stake in The PNC Financial Services Group by 4.3% during the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider's stock valued at $4,538,929,000 after purchasing an additional 765,097 shares in the last quarter. Bank of America Corp DE purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $2,102,631,000. Deutsche Bank AG purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in The PNC Financial Services Group by 1.1% during the 2nd 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 purchasing an additional 39,112 shares during the last quarter. 83.53% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.