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

Key Points

• JPMorgan raised PNC’s price target from $264.50 to $269.50 and maintained an “overweight” rating, implying 8.42% potential upside from the reported share price.
• Analyst sentiment is broadly positive: PNC has a “Moderate Buy” consensus rating and an average price target of $265.73, supported by multiple recent target increases.
• PNC exceeded quarterly expectations, reporting $4.85 in earnings per share versus the $4.46 consensus and $6.66 billion in revenue, up 21.4% year over year.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price target upped by investment analysts at JPMorgan Chase & Co. from $264.50 to $269.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 8.42% from the company's current price.

Other analysts have also issued reports about the company. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods raised their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. Argus increased their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Truist Financial increased their price target on The PNC Financial Services Group from $257.00 to $264.00 and gave the stock a "hold" rating in a research note on Thursday, July 16th. Finally, Robert W. Baird raised their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus target price of $265.73.

The PNC Financial Services Group Stock Performance

Shares of PNC traded down $3.03 during midday trading on Wednesday, reaching $248.57. 528,003 shares of the stock were exchanged, compared to its average volume of 2,387,340. The PNC Financial Services Group has a twelve month low of $176.88 and a twelve month high of $256.49. The stock's 50 day simple moving average is $238.39 and its 200 day simple moving average is $225.41. The company has a market cap of $99.82 billion, a P/E ratio of 13.69, a PEG ratio of 0.99 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.66 billion during the quarter, compared to analysts' expectations of $6.51 billion. During the same quarter in the previous year, the firm earned $3.85 EPS. The PNC Financial Services Group's revenue was up 21.4% on a year-over-year basis. On average, sell-side analysts expect that The PNC Financial Services Group will post 19.25 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 Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PNC. Truist Financial Corp raised its holdings in The PNC Financial Services Group by 3.3% during the 4th quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider's stock valued at $259,344,000 after buying an additional 39,589 shares during the period. Vanguard Group Inc. increased its position in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. Stoneridge Investment Partners LLC raised its stake in shares of The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider's stock valued at $4,953,000 after acquiring an additional 8,818 shares during the period. BNC Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth about $6,715,000. Finally, BIP Wealth LLC purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $1,243,000. Institutional investors own 83.53% of the company's stock.

About The PNC Financial Services Group

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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