The PNC Financial Services Group (NYSE:PNC) Given New $270.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on PNC Financial Services from $264 to $270 and kept an overweight rating, implying about 8.4% upside from the prior close.
• Other analysts were also bullish on PNC, with several lifting targets and the consensus view sitting at Moderate Buy with an average target price of $253.06.
• PNC reported Q1 earnings of $4.32 per share, beating estimates, while revenue rose 13.1% year over year; the stock was trading near $249.13 after a slight decline.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price objective raised by research analysts at Wells Fargo & Company from $264.00 to $270.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective would indicate a potential upside of 8.38% from the stock's previous close.

Several other research analysts also recently weighed in on PNC. Morgan Stanley increased their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Barclays increased their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Finally, Stephens initiated coverage on shares of The PNC Financial Services Group in a research report on Monday, June 15th. They issued an "overweight" rating and a $265.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average target price of $253.06.

The PNC Financial Services Group Trading Down 0.1%

NYSE:PNC opened at $249.13 on Monday. The PNC Financial Services Group has a 12 month low of $176.88 and a 12 month high of $254.00. 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 firm's 50 day moving average is $226.89 and its 200 day moving average is $220.69. The stock has a market capitalization of $100.04 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the prior year, the company earned $3.51 earnings per share. The PNC Financial Services Group's revenue was up 13.1% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group will post 18.82 earnings per share for the current year.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the company's 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 $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,300 shares of company stock valued at $10,694,574 in the last quarter. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CX Institutional grew its holdings in shares of The PNC Financial Services Group by 7.7% during the second quarter. CX Institutional now owns 3,024 shares of the financial services provider's stock worth $745,000 after purchasing an additional 216 shares in the last quarter. SWP Investment Management LLC raised its stake in The PNC Financial Services Group by 3.9% in the second quarter. SWP Investment Management LLC now owns 11,767 shares of the financial services provider's stock valued at $2,897,000 after purchasing an additional 440 shares in the last quarter. Marathon Mission Inc. lifted its position in The PNC Financial Services Group by 6.3% during the second quarter. Marathon Mission Inc. now owns 2,999 shares of the financial services provider's stock valued at $738,000 after purchasing an additional 177 shares during the last quarter. Adelphi Trust Co lifted its position in The PNC Financial Services Group by 10.7% during the second quarter. Adelphi Trust Co now owns 4,238 shares of the financial services provider's stock valued at $1,043,000 after purchasing an additional 408 shares during the last quarter. Finally, Eastern Bank grew its stake in The PNC Financial Services Group by 4.9% in the 2nd quarter. Eastern Bank now owns 239,171 shares of the financial services provider's stock worth $58,889,000 after buying an additional 11,240 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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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