The PNC Financial Services Group (NYSE:PNC) Reaches New 52-Week High After Analyst Upgrade

Key Points

• PNC Financial Services hit a new 52-week high after Citigroup raised its price target from $255 to $280 and reiterated a buy rating. The stock traded as high as $250.75, up from the prior close of $246.22.
• Several other analysts have also turned positive on PNC, with the stock now carrying a Moderate Buy consensus rating and an average target price of $249.56. Recent notes included higher targets from JPMorgan, Truist, Oppenheimer, and Jefferies.
• PNC reported strong last-quarter results, with EPS of $4.32 beating estimates and revenue rising 13.1% year over year. Insider selling was also notable, with executives and directors selling shares totaling more than $10 million over the past 90 days.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $255.00 to $280.00. Citigroup currently has a buy rating on the stock. The PNC Financial Services Group traded as high as $250.75 and last traded at $250.9050, with a volume of 182775 shares trading hands. The stock had previously closed at $246.22.

A number of other brokerages also recently weighed in on PNC. JPMorgan Chase & Co. raised their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Royal Bank Of Canada reissued an "outperform" rating and issued a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a "buy" rating and a $250.00 price target on the stock. Truist Financial raised their price objective on The PNC Financial Services Group from $245.00 to $257.00 and gave the company a "hold" rating in a research report on Friday, June 26th. Finally, Oppenheimer lifted their price objective on The PNC Financial Services Group from $268.00 to $271.00 and gave the company an "outperform" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $249.56.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock valued at $10,694,574 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of The PNC Financial Services Group

Institutional investors have recently made changes to their positions in the stock. Ballast Advisors LLC purchased a new stake in The PNC Financial Services Group in the first quarter worth approximately $131,000. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of The PNC Financial Services Group by 5.8% during the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 4,900 shares of the financial services provider's stock valued at $1,020,000 after buying an additional 270 shares during the period. Wealthquest Corp lifted its holdings in shares of The PNC Financial Services Group by 6.8% during the 1st quarter. Wealthquest Corp now owns 1,195 shares of the financial services provider's stock valued at $249,000 after buying an additional 76 shares during the period. DV Trading LLC boosted its stake in shares of The PNC Financial Services Group by 320.0% in the 1st quarter. DV Trading LLC now owns 1,260 shares of the financial services provider's stock worth $262,000 after buying an additional 960 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of The PNC Financial Services Group by 2.9% in the 1st quarter. Parallel Advisors LLC now owns 3,547 shares of the financial services provider's stock worth $738,000 after buying an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Up 1.9%

The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The company has a market cap of $100.71 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.01 and a beta of 0.92. The company has a fifty day moving average of $225.49 and a 200 day moving average of $219.86.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group's revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.51 earnings per share. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 18.82 earnings per share for the current fiscal year.

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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