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

Key Points

• Truist Financial lowered PNC’s price target from $264 to $252 and maintained a “hold” rating, implying 13.28% upside from the previous close.
• Despite Truist’s caution, analysts overall remain positive, with PNC carrying a consensus “Moderate Buy” rating and an average price target of $270.03.
• PNC exceeded quarterly expectations, reporting $4.85 in earnings per share and $6.88 billion in revenue; revenue increased 21.4% year over year.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price objective decreased by research analysts at Truist Financial from $264.00 to $252.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a "hold" rating on the financial services provider's stock. Truist Financial's target price suggests a potential upside of 13.28% from the company's previous close.

Other equities analysts also recently issued research reports about the stock. Citigroup upped their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Morgan Stanley increased their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a research note on Thursday, July 23rd. Finally, Robert W. Baird raised their target price 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. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $270.03.

The PNC Financial Services Group Price Performance

PNC stock opened at $222.47 on Thursday. The business has a 50 day moving average price of $243.10 and a 200 day moving average price of $231.94. 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 stock has a market cap of $88.75 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.11 and a beta of 0.90. The PNC Financial Services Group has a fifty-two week low of $176.88 and a fifty-two week high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping 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 quarter last year, the company earned $3.85 earnings per share. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. Equities research analysts anticipate that The PNC Financial Services Group will post 19.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the company's stock in a transaction 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 sale, the executive vice president owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company's stock.

Institutional Trading of The PNC Financial Services Group

Several institutional investors and hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. increased its position in The PNC Financial Services Group by 56.8% during the second quarter. QRG Capital Management Inc. now owns 81,704 shares of the financial services provider's stock worth $20,117,000 after buying an additional 29,597 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of The PNC Financial Services Group by 9.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 19,955 shares of the financial services provider's stock valued at $4,913,000 after purchasing an additional 1,783 shares during the period. Envestnet Asset Management Inc. lifted its position in The PNC Financial Services Group by 4.5% during the second quarter. Envestnet Asset Management Inc. now owns 2,103,553 shares of the financial services provider's stock worth $517,936,000 after buying an additional 90,398 shares during the period. State Street Corp lifted its position in 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 during the period. Finally, Integrated Wealth Concepts LLC increased its stake in shares of The PNC Financial Services Group by 22.9% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 26,499 shares of the financial services provider's stock valued at $6,526,000 after acquiring an additional 4,932 shares during the last quarter. Hedge funds and other 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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