The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $257.00

Key Points

• Truist Financial raised its price target on PNC from $245 to $257 while keeping a Hold rating, implying about 5.33% upside from the stock’s current level.
• Several other analysts have also recently adjusted views on PNC, and the stock now carries a consensus rating of Moderate Buy with an average price target of $247.39.
• PNC beat quarterly EPS expectations, reporting $4.32 per share versus the $3.92 estimate, even as shares slipped to $244.01 on Friday after trading near their 1-year high.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its target price lifted by analysts at Truist Financial from $245.00 to $257.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the financial services provider's stock. Truist Financial's target price suggests a potential upside of 5.33% from the stock's current price.

A number of other research firms also recently weighed in on PNC. Stephens assumed coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They set an "overweight" rating and a $265.00 target price for the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Finally, Citigroup boosted their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $247.39.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock traded down $1.27 during trading on Friday, hitting $244.01. 448,941 shares of the stock were exchanged, compared to its average volume of 2,446,146. 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 company has a fifty day moving average price of $224.07 and a 200-day moving average price of $218.93. The stock has a market capitalization of $97.98 billion, a price-to-earnings ratio of 14.17, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The PNC Financial Services Group has a 1-year low of $176.88 and a 1-year high of $249.01.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) 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 the consensus estimate of $6.21 billion. During the same quarter last year, the firm posted $3.51 EPS. The company's quarterly revenue was up 13.1% on a year-over-year basis. As a group, equities analysts predict that The PNC Financial Services Group will post 18.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. 0.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of The PNC Financial Services Group in the 4th quarter worth about $1,967,080,000. Viking Global Investors LP boosted its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of The PNC Financial Services Group by 961.7% in the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider's stock valued at $549,023,000 after acquiring an additional 2,382,552 shares in the last quarter. Deutsche Bank AG lifted its position in shares of The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider's stock valued at $800,884,000 after acquiring an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock valued at $700,305,000 after acquiring an additional 1,162,964 shares during the period. Institutional investors own 83.53% of the company's stock.

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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