The PNC Financial Services Group (NYSE:PNC) Upgraded by Oppenheimer to Outperform Rating

Key Points

• Oppenheimer upgraded The PNC Financial Services Group from a "market perform" to an "outperform" rating with a price target of $238.00, suggesting a potential upside of 23.06%.
• PNC reported $3.85 EPS for the last quarter, beating estimates, and showed a 4.6% year-over-year revenue increase.
• Overall, PNC stock has seen various analysts adjust their ratings, with a consensus target price of $214.17 indicating a "Moderate Buy" rating from the majority.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) was upgraded by Oppenheimer from a "market perform" rating to an "outperform" rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage presently has a $238.00 price target on the financial services provider's stock. Oppenheimer's price objective suggests a potential upside of 28.11% from the company's current price.

Other equities research analysts have also issued reports about the company. Royal Bank Of Canada decreased their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Truist Financial boosted their target price on The PNC Financial Services Group from $189.00 to $198.00 and gave the stock a "hold" rating in a report on Wednesday, July 9th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Wolfe Research restated a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Finally, Bank of America boosted their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $214.17.

The PNC Financial Services Group Stock Performance

PNC stock traded down $4.49 during mid-day trading on Wednesday, reaching $185.78. The company had a trading volume of 2,639,255 shares, compared to its average volume of 2,597,905. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $73.49 billion, a P/E ratio of 12.71, a P/E/G ratio of 1.38 and a beta of 1.09. The PNC Financial Services Group has a one year low of $145.12 and a one year high of $216.26. The stock's 50-day simple moving average is $185.92 and its two-hundred day simple moving average is $180.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company earned $3.39 earnings per share. Research analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current year.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,218 shares of company stock valued at $900,918. Insiders own 0.41% of the company's stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Jackson Hole Trust raised its holdings in shares of The PNC Financial Services Group by 25.9% during the 2nd quarter. Bank of Jackson Hole Trust now owns 2,801 shares of the financial services provider's stock worth $522,000 after buying an additional 576 shares in the last quarter. Mendel Money Management grew its position in shares of The PNC Financial Services Group by 1.5% in the 2nd quarter. Mendel Money Management now owns 5,173 shares of the financial services provider's stock valued at $964,000 after buying an additional 75 shares during the last quarter. New York Life Investment Management LLC boosted its position in shares of The PNC Financial Services Group by 1.1% during the 2nd quarter. New York Life Investment Management LLC now owns 59,249 shares of the financial services provider's stock valued at $11,045,000 after purchasing an additional 671 shares in the last quarter. Howard Capital Management Inc. boosted its position in shares of The PNC Financial Services Group by 11.7% during the 2nd quarter. Howard Capital Management Inc. now owns 2,582 shares of the financial services provider's stock valued at $481,000 after purchasing an additional 270 shares in the last quarter. Finally, Purkiss Capital Advisors LLC boosted its position in shares of The PNC Financial Services Group by 54.8% during the 2nd quarter. Purkiss Capital Advisors LLC now owns 3,902 shares of the financial services provider's stock valued at $728,000 after purchasing an additional 1,381 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.