Citigroup Increases The PNC Financial Services Group (NYSE:PNC) Price Target to $255.00

Key Points

• Citigroup raised its price target on PNC from $245 to $255 and kept a buy rating, implying about 17.5% upside from the prior close.
• PNC shares fell 1.0% to $217.08 on Friday, while the stock’s consensus analyst view remains Moderate Buy with an average target of $243.11.
• Recent earnings were strong: PNC reported $4.32 EPS, beating estimates by $0.40, and revenue rose 13.1% year over year, though it slightly missed revenue expectations.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price target upped by stock analysts at Citigroup from $245.00 to $255.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Citigroup's target price suggests a potential upside of 17.47% from the stock's previous close.

Other research analysts have also issued reports about the company. Truist Financial lifted their target price on The PNC Financial Services Group from $234.00 to $245.00 and gave the company a "hold" rating in a report on Thursday, April 16th. Morgan Stanley lifted their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a report on Thursday, April 16th. Jefferies Financial Group began coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 target price for the company. Oppenheimer lifted their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Trading Down 1.0%

Shares of PNC traded down $2.21 during midday trading on Friday, hitting $217.08. 737,849 shares of the stock were exchanged, compared to its average volume of 2,559,757. The PNC Financial Services Group has a 52-week low of $166.02 and a 52-week high of $243.94. The stock has a fifty day simple moving average of $213.76 and a 200 day simple moving average of $209.44. The firm has a market cap of $87.17 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.92 and a beta of 0.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period last year, the business posted $3.51 earnings per share. The company's quarterly revenue was up 13.1% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group will post 18.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the firm's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the sale, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This represents a 79.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,186 shares of company stock valued at $14,840,973 in the last three months. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of The PNC Financial Services Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $1,967,080,000. Viking Global Investors LP increased its position in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC increased its position in shares of The PNC Financial Services Group by 961.7% during the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider's stock worth $549,023,000 after purchasing an additional 2,382,552 shares in the last quarter. Deutsche Bank AG increased its position in shares of The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock worth $800,884,000 after purchasing an additional 1,994,431 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after purchasing an additional 1,162,964 shares in the last quarter. Institutional investors and hedge funds 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, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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