JPMorgan Chase & Co. Issues Positive Forecast for The PNC Financial Services Group (NYSE:PNC) Stock Price

Key Points

• JPMorgan raised its price target on PNC to $238.00 and maintained an overweight rating, implying about a 6.61% upside from the prior close.
• Several other analysts (Oppenheimer, Morgan Stanley, Barclays, BofA, Wells Fargo) also lifted targets, leaving a MarketBeat consensus of Moderate Buy with an average target of $241.72.
• PNC beat Q1 EPS estimates ($4.32 vs. $3.92) while revenue was slightly below expectations at $6.17B, with a 12.1% ROE and a 20.89% net margin reflecting strong profitability.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its target price hoisted by equities researchers at JPMorgan Chase & Co. from $237.50 to $238.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 6.61% from the stock's previous close.

A number of other research firms have also recently weighed in on PNC. Oppenheimer lifted their price target 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. Morgan Stanley lifted their price target 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. Barclays lifted their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Bank of America boosted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $241.72.

The PNC Financial Services Group Stock Performance

Shares of PNC traded up $4.54 during mid-day trading on Thursday, reaching $223.25. 2,318,706 shares of the company's stock traded hands, compared to its average volume of 2,664,272. The business's 50-day moving average price is $214.05 and its 200-day moving average price is $208.19. The stock has a market capitalization of $90.05 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 0.92 and a beta of 0.96. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group has a 12 month low of $158.92 and a 12 month high of $243.94.

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 earnings per share for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.51 earnings per share. Equities analysts predict that The PNC Financial Services Group will post 18.93 earnings per share for the current year.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction that occurred 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 transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Resona Asset Management Co. Ltd. grew its position in The PNC Financial Services Group by 0.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 127,115 shares of the financial services provider's stock worth $26,299,000 after buying an additional 820 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in The PNC Financial Services Group in the first quarter worth approximately $190,000. Munich Reinsurance Co Stock Corp in Munich grew its position in The PNC Financial Services Group by 1,407.8% in the first quarter. Munich Reinsurance Co Stock Corp in Munich now owns 17,460 shares of the financial services provider's stock worth $3,633,000 after buying an additional 16,302 shares during the last quarter. CFS Investment Advisory Services LLC grew its position in The PNC Financial Services Group by 4.5% during the 1st quarter. CFS Investment Advisory Services LLC now owns 4,078 shares of the financial services provider's stock worth $917,000 after purchasing an additional 175 shares in the last quarter. Finally, Seelaus Asset Management LLC grew its position in The PNC Financial Services Group by 75.6% during the 1st quarter. Seelaus Asset Management LLC now owns 2,213 shares of the financial services provider's stock worth $460,000 after purchasing an additional 953 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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