The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $290.00

The PNC Financial Services Group (NYSE:PNC) had its price objective hoisted by Citigroup from $280.00 to $290.00 in a report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also weighed in on PNC. Keefe, Bruyette & Woods upped their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Robert W. Baird lifted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Royal Bank Of Canada boosted their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $265.50.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $252.79 on Monday. The PNC Financial Services Group has a 12 month low of $176.88 and a 12 month high of $256.49. The stock has a market cap of $101.51 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.00 and a beta of 0.91. The stock’s 50 day moving average price is $235.44 and its 200 day moving average price is $224.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the company posted $3.85 EPS. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. Equities research analysts anticipate that The PNC Financial Services Group will post 19.14 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Buying and Selling

In other news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last three months. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Truist Financial Corp grew its stake in shares of The PNC Financial Services Group by 3.3% in the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock worth $259,344,000 after acquiring an additional 39,589 shares during the last quarter. Vanguard Group Inc. raised its stake in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC acquired a new position in The PNC Financial Services Group during the 4th quarter valued at $13,711,000. Stoneridge Investment Partners LLC boosted its holdings in The PNC Financial Services Group by 59.1% in the 4th quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after purchasing an additional 8,818 shares during the period. Finally, BIP Wealth LLC bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $1,243,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Company Profile

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.