Morgan Stanley Forecasts Strong Price Appreciation for The PNC Financial Services Group (NYSE:PNC) Stock

Key Points

• Morgan Stanley raised its price target on PNC Financial Services from $267 to $278, implying about 12.8% upside from the current share price, while keeping an “equal weight” rating.
• Other analysts have also been positive on PNC, with recent target increases from Bank of America, JPMorgan, Truist, Stephens, and Barclays; overall, the stock has a Moderate Buy consensus and an average target price of $248.
• PNC’s latest earnings beat expectations, reporting $4.32 EPS versus $3.92 expected, while revenue rose 13.1% year over year. The stock recently traded near its 52-week high at $246.41.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its target price raised by Morgan Stanley from $267.00 to $278.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's price target would suggest a potential upside of 12.82% from the stock's current price.

PNC has been the subject of several other research reports. Bank of America raised their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Truist Financial upped their target price on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a "hold" rating in a report on Friday. Stephens began coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They issued an "overweight" rating and a $265.00 target price on the stock. Finally, Barclays boosted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $248.00.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC traded up $1.43 during midday trading on Monday, hitting $246.41. The company's stock had a trading volume of 611,159 shares, compared to its average volume of 2,449,372. The firm has a market capitalization of $98.95 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 1.00 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The stock has a fifty day moving average price of $224.53 and a 200 day moving average price of $219.27. The PNC Financial Services Group has a one year low of $176.88 and a one year high of $249.01.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data 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 company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group's revenue for the quarter was up 13.1% on a year-over-year basis. During the same period last year, the firm earned $3.51 EPS. On average, research analysts forecast that The PNC Financial Services Group will post 18.81 EPS for the current fiscal year.

Insider Activity

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company's stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by insiders.

Institutional Trading of The PNC Financial Services Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC lifted its stake in The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after purchasing an additional 170 shares in the last quarter. Sivia Capital Partners LLC increased its stake in The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after acquiring an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after buying an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in The PNC Financial Services Group during the second quarter valued at approximately $482,000. 83.53% of the stock is currently owned by institutional investors.

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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