The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $271.00 at Oppenheimer

Key Points

• Oppenheimer raised its price target on The PNC Financial Services Group to $271 from $268 and kept an outperform rating, implying about 9.76% upside from the prior close.
• Other analysts were also generally constructive: several lifted targets, and the stock currently carries a Moderate Buy consensus with an average price target of $248.17.
• PNC recently reported better-than-expected earnings of $4.32 per share on revenue of $6.17 billion, while insiders have been selling shares and institutional ownership remains high at 83.53%.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) had its price objective upped by equities research analysts at Oppenheimer from $268.00 to $271.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Oppenheimer's target price points to a potential upside of 9.76% from the company's previous close.

A number of other equities analysts have also recently issued reports on the company. Truist Financial lifted their target price on The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a "hold" rating in a report on Friday. Morgan Stanley increased their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a research report on Monday. Bank of America lifted their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Royal Bank Of Canada restated an "outperform" rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Finally, Stephens assumed coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They set an "overweight" rating and a $265.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $248.17.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded up $0.17 during midday trading on Tuesday, reaching $246.90. The company's stock had a trading volume of 510,169 shares, compared to its average volume of 2,447,936. The PNC Financial Services Group has a one year low of $176.88 and a one year high of $249.01. The company has a market cap of $99.15 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92. The company has a 50 day moving average price of $225.07 and a 200 day moving average price of $219.59. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $3.51 earnings per share. On average, equities research analysts expect that The PNC Financial Services Group will post 18.81 EPS for the current year.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the firm'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 directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group 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 transaction, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 48,300 shares of company stock valued at $10,694,574. Corporate insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Cvfg LLC raised its stake in shares of The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after purchasing an additional 43 shares in the last quarter. YANKCOM Partnership increased its holdings in The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock valued at $539,000 after buying an additional 46 shares during the period. Westfuller Advisors LLC increased its holdings in The PNC Financial Services Group by 26.9% in the 4th quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock valued at $45,000 after buying an additional 46 shares during the period. Atom Investors LP raised its stake in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock valued at $529,000 after buying an additional 46 shares in the last quarter. Finally, Baron Wealth Management LLC raised its stake in shares of The PNC Financial Services Group by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after buying an additional 46 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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