The PNC Financial Services Group (NYSE:PNC) Raised to "Outperform" at Raymond James Financial

Raymond James Financial upgraded shares of The PNC Financial Services Group (NYSE:PNC - Free Report) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has $220.00 target price on the financial services provider's stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company dropped their price objective on 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. The Goldman Sachs Group increased their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. TD Cowen began coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 target price for the company. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. Finally, HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $209.11.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded down $1.71 during mid-day trading on Tuesday, hitting $196.29. 3,730,485 shares of the stock were exchanged, compared to its average volume of 2,140,819. The stock's fifty day simple moving average is $177.31 and its two-hundred day simple moving average is $180.07. The stock has a market capitalization of $77.65 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 1.67 and a beta of 1.07. The PNC Financial Services Group has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. On average, analysts forecast that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.46%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,186 shares of company stock worth $1,686,634 over the last 90 days. Company insiders own 0.41% of the company's stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Saudi Central Bank acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $27,000. Cornerstone Planning Group LLC increased its stake in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares in the last quarter. REAP Financial Group LLC increased its stake in shares of The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares in the last quarter. Hoey Investments Inc. purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $39,000. Finally, True Wealth Design LLC increased its stake in shares of The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

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.