The PNC Financial Services Group's (PNC) Outperform Rating Reaffirmed at Oppenheimer

Key Points

• The PNC Financial Services Group's stock has been reaffirmed with an "outperform" rating by Oppenheimer, which has raised its target price from $235.00 to $240.00, indicating a potential upside of 33.62%.
• PNC recently reported an EPS of $4.35 for the quarter, exceeding analyst estimates of $4.05, alongside revenue of $5.92 billion, reflecting an 8.9% increase year-over-year.
• Institutional investors hold approximately 83.53% of PNC's stock, with several hedge funds increasing their stakes in the company recently.

The PNC Financial Services Group (NYSE:PNC - Get Free Report)'s stock had its "outperform" rating reissued by analysts at Oppenheimer in a note issued to investors on Thursday,Benzinga reports. They currently have a $240.00 target price on the financial services provider's stock, up from their prior target price of $235.00. Oppenheimer's price target suggests a potential upside of 33.62% from the stock's current price.

A number of other equities analysts have also recently issued reports on PNC. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, October 3rd. Evercore ISI increased their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an "underweight" rating in a research note on Monday, September 29th. Finally, Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $218.47.

The PNC Financial Services Group Stock Performance

Shares of PNC stock traded down $2.73 during midday trading on Thursday, hitting $179.61. 1,353,354 shares of the company were exchanged, compared to its average volume of 2,208,550. The firm has a market capitalization of $70.73 billion, a P/E ratio of 12.28, a PEG ratio of 1.32 and a beta of 1.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The firm's 50 day moving average price is $198.48 and its two-hundred day moving average price is $183.76. The PNC Financial Services Group has a 52 week low of $145.12 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.05 by $0.30. The firm had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.49 EPS. As a group, equities research analysts anticipate that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Institutional Trading of The PNC Financial Services Group

Hedge funds have recently modified their holdings of the company. Saudi Central Bank purchased a new stake in shares of The PNC Financial Services Group during the first quarter valued at about $27,000. IMG Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $27,000. Concord Wealth Partners lifted its position in shares of The PNC Financial Services Group by 144.9% during the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider's stock valued at $32,000 after buying an additional 100 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after buying an additional 65 shares during the last quarter. Finally, WPG Advisers LLC purchased a new stake in shares of The PNC Financial Services Group during the first quarter valued at about $36,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

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.

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