The PNC Financial Services Group, Inc (NYSE:PNC) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on PNC, with 17 buy ratings, four holds and one strong-buy rating among 22 covering brokerages. The average 12-month price target is $265.48.
• PNC reported quarterly EPS of $4.85, beating the $4.46 consensus estimate, while revenue reached $6.66 billion and rose 21.4% year over year.
• The company increased its quarterly dividend to $2.00 per share, or $8.00 annually, implying a 3.2% yield; institutional investors own 83.53% of outstanding shares.

Shares of The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the twenty-two brokerages that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $265.4750.

Several analysts have recently weighed in on PNC shares. Stephens raised their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, July 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. JPMorgan Chase & Co. increased their price target on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Finally, Truist Financial lifted their price objective on The PNC Financial Services Group from $257.00 to $264.00 and gave the company a "hold" rating in a research report on Thursday, July 16th.

The PNC Financial Services Group Stock Up 0.9%

Shares of NYSE:PNC opened at $251.79 on Wednesday. The company's fifty day moving average is $238.39 and its 200-day moving average is $225.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group has a 52 week low of $176.88 and a 52 week high of $256.49. The company has a market capitalization of $101.11 billion, a PE ratio of 13.86, a P/E/G ratio of 0.99 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.66 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the company posted $3.85 EPS. Equities research analysts predict that The PNC Financial Services Group will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group's dividend payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The stock was 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 approximately $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last ninety days. 0.38% of the stock is owned by insiders.

Institutional Trading of The PNC Financial Services Group

A number of hedge funds and other institutional investors have recently modified their holdings of PNC. Trust Asset Management LLC raised its position in The PNC Financial Services Group by 1.0% in the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 43 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in The PNC Financial Services Group during the 2nd quarter worth $213,000. Northside Capital Management LLC boosted its position in The PNC Financial Services Group by 1.9% in the 2nd quarter. Northside Capital Management LLC now owns 41,882 shares of the financial services provider's stock valued at $10,312,000 after buying an additional 798 shares during the last quarter. Tema ETFs LLC boosted its position in The PNC Financial Services Group by 9.3% in the 2nd quarter. Tema ETFs LLC now owns 6,821 shares of the financial services provider's stock valued at $1,679,000 after buying an additional 580 shares during the last quarter. Finally, Canvas Wealth Advisors LLC increased its stake in shares of The PNC Financial Services Group by 7.6% in the 2nd quarter. Canvas Wealth Advisors LLC now owns 1,432 shares of the financial services provider's stock valued at $353,000 after buying an additional 101 shares during the period. 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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