Citigroup Issues Positive Forecast for The PNC Financial Services Group (NYSE:PNC) Stock Price

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price target boosted by Citigroup from $205.00 to $217.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Citigroup's price objective indicates a potential upside of 10.66% from the stock's current price.

A number of other research analysts have also issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Truist Financial increased their price objective on shares of The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday. Finally, Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $211.94.

The PNC Financial Services Group Stock Up 1.1%

Shares of NYSE:PNC traded up $2.16 during trading on Thursday, hitting $196.09. 3,094,402 shares of the company were exchanged, compared to its average volume of 2,143,526. The stock has a market capitalization of $77.57 billion, a P/E ratio of 13.85, a PEG ratio of 1.52 and a beta of 1.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group has a 12-month low of $145.12 and a 12-month high of $216.26. The firm's 50 day moving average price is $181.20 and its 200-day moving average price is $180.24.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The PNC Financial Services Group's revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.39 EPS. On average, research analysts predict that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Insider Activity at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff purchased 1,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, April 25th. The stock was acquired at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the purchase, the director directly owned 2,009 shares of the company's stock, valued at $317,863.98. This trade represents a 99.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,545 shares of company stock worth $1,590,080 in the last ninety days. 0.41% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mechanics Financial Corp bought a new position in The PNC Financial Services Group in the fourth quarter worth approximately $541,000. AssuredPartners Investment Advisors LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $739,000. Premier Fund Managers Ltd lifted its holdings in shares of The PNC Financial Services Group by 38.3% in the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock valued at $9,511,000 after purchasing an additional 13,700 shares in the last quarter. PKS Advisory Services LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $357,000. Finally, Exane Asset Management lifted its holdings in shares of The PNC Financial Services Group by 32.9% in the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock valued at $28,434,000 after purchasing an additional 37,110 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

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