The PNC Financial Services Group (NYSE:PNC) Now Covered by Stephens

Key Points

• Stephens initiated coverage on The PNC Financial Services Group with an overweight rating, adding to a generally positive analyst backdrop. Overall, analysts on average rate PNC a Moderate Buy with a consensus price target of $243.11.
• PNC shares were down 1.6% on Monday to $233.90, leaving the stock near its 52-week high of $243.94. The company has a market cap of about $93.93 billion and a trailing P/E of 13.57.
• In its latest quarterly report, PNC beat earnings expectations with $4.32 EPS versus the $3.92 estimate, while revenue rose 13.1% year over year. However, revenue of $6.17 billion slightly missed analyst forecasts.

Investment analysts at Stephens started coverage on shares of The PNC Financial Services Group (NYSE:PNC - Get Free Report) in a research note issued on Monday. The brokerage set an "overweight" rating on the financial services provider's stock.

Several other analysts have also recently issued reports on PNC. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a "buy" rating and a $250.00 price target on the stock. Truist Financial increased their price target on shares of The PNC Financial Services Group from $234.00 to $245.00 and gave the stock a "hold" rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. upped their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Finally, Oppenheimer increased their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. One investment 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Stock Down 1.6%

NYSE PNC traded down $3.76 during trading on Monday, reaching $233.90. 582,184 shares of the company's stock traded hands, compared to its average volume of 2,403,293. The company's 50 day simple moving average is $220.85 and its two-hundred day simple moving average is $216.30. The firm has a market cap of $93.93 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92. The PNC Financial Services Group has a 12-month low of $172.88 and a 12-month high of $243.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

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 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period in the previous year, the business posted $3.51 EPS. The business's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts forecast that The PNC Financial Services Group will post 18.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value 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. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several institutional investors have recently bought and sold shares of PNC. Vanguard Group Inc. boosted its position in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the period. State Street Corp boosted its position in The PNC Financial Services Group by 0.4% during the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock worth $3,615,085,000 after purchasing an additional 77,302 shares during the period. Capital International Investors boosted its position in The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock worth $2,491,819,000 after purchasing an additional 1,101,055 shares during the period. Norges Bank bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC boosted its position in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock worth $1,841,387,000 after purchasing an additional 30,078 shares during the period. 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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