Oppenheimer Forecasts Strong Price Appreciation for The PNC Financial Services Group (NYSE:PNC) Stock

The PNC Financial Services Group (NYSE:PNC) had its price objective raised by investment analysts at Oppenheimer from $269.00 to $274.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer‘s price objective would suggest a potential upside of 18.17% from the company’s current price.

A number of other equities analysts have also recently weighed in on PNC. Citigroup decreased their price objective on shares of The PNC Financial Services Group from $290.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, October 19th. Wolfe Research assumed coverage on The PNC Financial Services Group in a report on Tuesday, October 27th. They issued a “peer perform” rating for the company. Bank of America lowered their price objective on The PNC Financial Services Group from $291.00 to $276.00 in a research note on Thursday, October 8th. Barclays lifted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Robert W. Baird upped their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $266.39.

The PNC Financial Services Group Stock Up 1.8%

Shares of PNC traded up $4.01 during mid-day trading on Monday, reaching $231.87. 401,001 shares of the stock traded hands, compared to its average volume of 2,190,661. The firm has a market cap of $92.50 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.18 and a beta of 0.94. The stock has a fifty day simple moving average of $230.03 and a 200 day simple moving average of $228.88. The PNC Financial Services Group has a 12-month low of $177.08 and a 12-month high of $258.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.23.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. During the same period in the prior year, the firm earned $4.35 earnings per share. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group will post 19.22 EPS for the current fiscal year.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Hedge funds have recently added to or reduced their stakes in the business. Ascent Group LLC boosted its holdings in shares of The PNC Financial Services Group by 2.9% in the 3rd quarter. Ascent Group LLC now owns 17,356 shares of the financial services provider’s stock valued at $3,858,000 after buying an additional 488 shares during the period. Caldwell Trust Co lifted its holdings in The PNC Financial Services Group by 9.6% in the third quarter. Caldwell Trust Co now owns 2,907 shares of the financial services provider’s stock worth $646,000 after acquiring an additional 255 shares during the last quarter. 3Chopt Investment Partners LLC lifted its holdings in The PNC Financial Services Group by 34.3% in the third quarter. 3Chopt Investment Partners LLC now owns 3,309 shares of the financial services provider’s stock worth $735,000 after acquiring an additional 845 shares during the last quarter. Compass Financial Management LLC boosted its stake in The PNC Financial Services Group by 72.1% in the third quarter. Compass Financial Management LLC now owns 685 shares of the financial services provider’s stock valued at $152,000 after acquiring an additional 287 shares during the period. Finally, Rakuten Investment Management Inc. boosted its stake in The PNC Financial Services Group by 9.0% in the third quarter. Rakuten Investment Management Inc. now owns 71,610 shares of the financial services provider’s stock valued at $15,872,000 after acquiring an additional 5,904 shares during the period. 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 is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.