The PNC Financial Services Group (NYSE:PNC) Stock Price Target Lowered at The Goldman Sachs Group

Key Points

• Goldman Sachs lowered PNC’s price target from $281 to $250 while maintaining a “neutral” rating, implying roughly 13% upside from the previous close.
• Despite mixed analyst views, PNC has a “Moderate Buy” consensus rating and an average price target of $268.45, supported by multiple buy and overweight recommendations.
• PNC exceeded quarterly expectations, reporting $4.85 in earnings per share and $6.88 billion in revenue, with year-over-year revenue growth of 21.4%.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price target reduced by The Goldman Sachs Group from $281.00 to $250.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. The Goldman Sachs Group's price target points to a potential upside of 12.96% from the company's previous close.

PNC has been the subject of several other research reports. Oppenheimer boosted their price objective on shares of 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. Truist Financial decreased their target price on The PNC Financial Services Group from $264.00 to $252.00 and set a "hold" rating on the stock in a research note on Thursday. UBS Group raised their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Citigroup boosted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Stephens increased their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $268.45.

The PNC Financial Services Group Stock Performance

PNC traded up $0.29 during trading hours on Monday, hitting $221.32. The stock had a trading volume of 755,819 shares, compared to its average volume of 2,199,019. The stock has a market cap of $88.29 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.10 and a beta of 0.94. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company's fifty day simple moving average is $241.93 and its 200 day simple moving average is $232.22. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating 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 $6.88 billion for the quarter, compared to analysts' expectations of $6.51 billion. During the same period in the prior year, the company posted $3.85 EPS. The PNC Financial Services Group's revenue was up 21.4% compared to the same quarter last year. Equities analysts anticipate that The PNC Financial Services Group will post 19.23 earnings per share for the current year.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president directly 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Large investors have recently modified their holdings of the stock. Highland Investment Advisors LLC bought a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $28,000. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Archer Investment Corp purchased a new position in The PNC Financial Services Group during the second quarter worth approximately $33,000. Finally, Modus Advisors LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at $29,000. Institutional investors own 83.53% of the company's stock.

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 banking and financial services businesses, PNC serves consumers, small and mid-sized businesses, corporations, government entities and institutional clients across the United States.

PNC's principal activities include retail banking, corporate and institutional banking, and asset management. Its products and services include deposit accounts, consumer and business lending, mortgages, credit cards, treasury management, investment banking, commercial finance, wealth management and investment advisory services.

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