The PNC Financial Services Group (NYSE:PNC) Now Covered by TD Cowen

Key Points

• TD Cowen initiated coverage of PNC with a “hold” rating and a $245 price target, implying approximately 13% upside from the stock’s $216.84 price. Analysts overall maintain a “Moderate Buy” consensus with an average target of $267.60.
• PNC reported quarterly earnings of $4.85 per share, exceeding the $4.46 consensus estimate, while revenue of $6.88 billion also topped expectations and increased 21.4% year over year.
• PNC shares fell 0.4% during Thursday trading, and institutional investors own a substantial 83.53% of the company. An executive vice president also sold 3,354 shares worth approximately $858,000.

Analysts at TD Cowen started coverage on shares of The PNC Financial Services Group (NYSE:PNC - Get Free Report) in a research note issued on Thursday, Marketbeat.com reports. The brokerage set a "hold" rating and a $245.00 price target on the financial services provider's stock. TD Cowen's price target would suggest a potential upside of 12.99% from the stock's current price.

PNC has been the subject of a number of other research reports. The Goldman Sachs Group cut their price target on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a "neutral" rating for the company in a research note on Monday. UBS Group cut their target price on shares of The PNC Financial Services Group from $288.00 to $286.00 and set a "buy" rating for the company in a research note on Monday. Truist Financial lowered their price target on shares of The PNC Financial Services Group from $264.00 to $252.00 and set a "hold" rating on the stock in a research report on Thursday, October 1st. Oppenheimer lifted their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Finally, HSBC lifted their price objective on shares of The PNC Financial Services Group from $275.00 to $283.00 and gave the stock a "buy" rating in a research note on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $267.60.

The PNC Financial Services Group Stock Down 0.4%

Shares of PNC stock traded down $0.88 during trading hours on Thursday, hitting $216.84. 61,411 shares of the company were exchanged, compared to its average volume of 2,198,622. The PNC Financial Services Group has a 52 week low of $176.88 and a 52 week high of $258.96. The business has a 50 day moving average of $240.10 and a two-hundred day moving average of $232.58. The company has a market capitalization of $86.51 billion, a PE ratio of 11.94, a PEG ratio of 1.10 and a beta of 0.94. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.85 earnings per share. Analysts anticipate that The PNC Financial Services Group will post 19.23 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several institutional investors have recently added to or reduced their stakes in PNC. Trust Asset Management LLC raised its holdings in shares of The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 43 shares during the last quarter. Baron Wealth Management LLC increased its holdings in The PNC Financial Services Group by 3.0% in the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after buying an additional 46 shares in the last quarter. Kennebec Savings Bank increased its holdings in The PNC Financial Services Group by 1.4% in the first quarter. Kennebec Savings Bank now owns 3,546 shares of the financial services provider's stock valued at $738,000 after buying an additional 49 shares in the last quarter. SJS Investment Consulting Inc. increased its holdings in The PNC Financial Services Group by 34.2% in the first quarter. SJS Investment Consulting Inc. now owns 196 shares of the financial services provider's stock valued at $41,000 after buying an additional 50 shares in the last quarter. Finally, United Community Bank increased its holdings in The PNC Financial Services Group by 0.8% in the second quarter. United Community Bank now owns 6,523 shares of the financial services provider's stock valued at $1,606,000 after buying an additional 50 shares in the last quarter. 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.