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 investment analysts at Oppenheimer from a "market perform" rating to an "outperform" rating in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has a $238.00 price objective on the financial services provider's stock. Oppenheimer's price objective suggests a potential upside of 28.31% from the company's current price.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price target on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. The Goldman Sachs Group increased their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. TD Cowen started coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price on the stock. Barclays reduced their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Citigroup raised their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $214.17.

The PNC Financial Services Group Stock Down 2.5%

Shares of NYSE PNC traded down $4.78 during mid-day trading on Wednesday, reaching $185.49. The company had a trading volume of 239,352 shares, compared to its average volume of 2,392,246. The firm has a 50 day simple moving average of $185.64 and a two-hundred day simple moving average of $180.38. The PNC Financial Services Group has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The stock has a market cap of $73.37 billion, a P/E ratio of 12.69, a PEG ratio of 1.43 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.39 earnings per share. Sell-side analysts predict that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ignite Planners LLC raised its position in The PNC Financial Services Group by 8.4% during the first quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock worth $262,000 after acquiring an additional 126 shares during the last quarter. Exane Asset Management raised its position in shares of The PNC Financial Services Group by 32.9% during the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock worth $28,434,000 after purchasing an additional 37,110 shares during the last quarter. Smith Salley Wealth Management lifted its stake in The PNC Financial Services Group by 15.6% in the 1st quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock valued at $12,804,000 after buying an additional 9,836 shares in the last quarter. United Community Bank grew its holdings in The PNC Financial Services Group by 687.0% during the 1st quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock valued at $2,166,000 after buying an additional 10,759 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC grew its holdings in The PNC Financial Services Group by 4.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after buying an additional 120 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

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.