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

The PNC Financial Services Group (NYSE:PNC - Free Report) had its target price lifted by Morgan Stanley from $179.00 to $186.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the financial services provider's stock.

Other research analysts have also recently issued research reports about the stock. Truist Financial upped their price target 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. Wells Fargo & Company decreased their price target 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. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. The Goldman Sachs Group upped their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, TD Cowen initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $212.76.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $0.55 during midday trading on Thursday, hitting $196.54. 2,548,240 shares of the company traded hands, compared to its average volume of 2,143,477. The stock has a 50-day moving average of $181.79 and a 200-day moving average of $180.27. The PNC Financial Services Group has a one year low of $145.12 and a one year high of $216.26. The firm has a market cap of $77.75 billion, a P/E ratio of 13.44, a PEG ratio of 1.54 and a beta of 1.07. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The firm 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 18.33% and a return on equity of 11.07%. The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.39 earnings per share. As a group, sell-side analysts predict that The PNC Financial Services Group will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Tuesday, July 15th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is currently 48.02%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction 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 have sold a total of 9,545 shares of company stock valued at $1,590,080 over the last 90 days. 0.41% of the stock is owned by insiders.

Institutional Trading of The PNC Financial Services Group

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in The PNC Financial Services Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock valued at $6,673,217,000 after buying an additional 248,252 shares during the period. Franklin Resources Inc. boosted its position in The PNC Financial Services Group by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after buying an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of The PNC Financial Services Group by 26.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares during the period. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $1,352,151,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.5% during the first quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider's stock worth $844,967,000 after purchasing an additional 24,588 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Company Profile

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.