The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $259.00

Key Points

• JPMorgan raised PNC’s price target from $258 to $259 and maintained an “overweight” rating, implying 13.66% upside from the previous close.
• Analyst sentiment remains generally positive, with 17 Buy and eight Hold ratings producing a “Moderate Buy” consensus and an average target of $266.17, despite several firms recently trimming their targets.
• PNC reported quarterly EPS of $5.09, exceeding the $4.91 consensus estimate, while revenue reached $6.60 billion and rose 10.9% year over year. Shares traded at $227.88, down $3.95 in Friday’s session.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price objective boosted by investment analysts at JPMorgan Chase & Co. from $258.00 to $259.00 in a research report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 13.66% from the company's previous close.

Several other brokerages have also recently issued reports on PNC. Morgan Stanley lowered their target price on shares of The PNC Financial Services Group from $278.00 to $273.00 and set an "equal weight" rating for the company in a report on Friday, October 16th. UBS Group reduced their target price on shares of The PNC Financial Services Group from $288.00 to $286.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Truist Financial reduced their price objective on The PNC Financial Services Group from $252.00 to $248.00 and set a "hold" rating for the company in a research report on Monday, October 19th. Bank of America decreased their target price on shares of The PNC Financial Services Group from $291.00 to $276.00 in a report on Thursday, October 8th. Finally, TD Cowen lowered their price target on The PNC Financial Services Group from $245.00 to $240.00 and set a "hold" rating on the stock in a research report on Friday, October 16th. Seventeen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.17.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded down $3.95 during mid-day trading on Friday, hitting $227.88. 1,506,285 shares of the company's stock traded hands, compared to its average volume of 2,199,580. The PNC Financial Services Group has a 1 year low of $177.08 and a 1 year 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 company has a market capitalization of $90.91 billion, a P/E ratio of 12.13, a PEG ratio of 1.18 and a beta of 0.94. The company's 50-day moving average is $230.03 and its two-hundred day moving average is $228.88.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter in the previous year, the firm earned $4.35 EPS. The company's quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities analysts anticipate that The PNC Financial Services Group will post 19.22 EPS for the current fiscal year.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Compass Financial Management LLC boosted its holdings in shares of The PNC Financial Services Group by 72.1% during the third quarter. Compass Financial Management LLC now owns 685 shares of the financial services provider's stock valued at $152,000 after acquiring an additional 287 shares during the period. Rakuten Investment Management Inc. raised its stake in shares of The PNC Financial Services Group by 9.0% in the third quarter. Rakuten Investment Management Inc. now owns 71,610 shares of the financial services provider's stock valued at $15,872,000 after purchasing an additional 5,904 shares in the last quarter. AIA Group Ltd grew its position in The PNC Financial Services Group by 2,655.1% during the 3rd quarter. AIA Group Ltd now owns 25,953 shares of the financial services provider's stock worth $5,768,000 after acquiring an additional 25,011 shares during the last quarter. Third View Private Wealth LLC boosted its stake in The PNC Financial Services Group by 0.6% in the third quarter. Third View Private Wealth LLC now owns 12,473 shares of the financial services provider's stock valued at $2,772,000 after acquiring an additional 76 shares during the last quarter. Finally, Provenance Wealth Advisors LLC raised its holdings in shares of The PNC Financial Services Group by 7,236.8% during the third quarter. Provenance Wealth Advisors LLC now owns 1,394 shares of the financial services provider's stock worth $310,000 after acquiring an additional 1,375 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. 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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