The PNC Financial Services Group (NYSE:PNC) Upgraded at Cfra Research

Key Points

• PNC Financial Services Group has been upgraded to a "moderate buy" rating by Cfra Research, indicating positive investor sentiment towards the stock.
• The company's earnings per share for the last quarter surpassed expectations at $4.35, compared to the consensus estimate of $4.05, reflecting strong financial performance.
• Institutional investors hold a significant portion of PNC’s stock, accounting for 83.53% of total shares, showcasing strong backing from large investment firms.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) was upgraded by equities researchers at Cfra Research to a "moderate buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

PNC has been the subject of several other research reports. Stephens reiterated an "equal weight" rating and set a $200.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Truist Financial boosted their price target on shares of The PNC Financial Services Group from $201.00 to $210.00 and gave the stock a "hold" rating in a report on Wednesday, September 24th. The Goldman Sachs Group boosted their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their price target for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Finally, Bank of America boosted their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $218.47.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $179.30 on Thursday. The PNC Financial Services Group has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The firm's 50 day moving average price is $198.10 and its 200 day moving average price is $183.81. The company has a market cap of $70.61 billion, a P/E ratio of 11.58, a PEG ratio of 1.24 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the prior year, the firm earned $3.49 EPS. The firm's revenue for the quarter was up 8.9% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Institutional Trading of The PNC Financial Services Group

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in The PNC Financial Services Group by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider's stock worth $7,174,760,000 after purchasing an additional 521,455 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares during the period. Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 1.1% during the 2nd quarter. Geode Capital Management LLC now owns 8,777,313 shares of the financial services provider's stock worth $1,628,302,000 after purchasing an additional 93,346 shares during the period. Norges Bank acquired a new stake in The PNC Financial Services Group during the 2nd quarter worth $1,477,836,000. Finally, Invesco Ltd. raised its position in The PNC Financial Services Group by 0.5% during the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider's stock worth $936,535,000 after buying an additional 26,798 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Company Profile

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.

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