The PNC Financial Services Group (NYSE:PNC) Stock Gets Price Target Trim from Truist Financial

The PNC Financial Services Group (NYSE:PNC) had its target price trimmed by Truist Financial from $252.00 to $248.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a hold rating on the financial services provider’s stock.

A number of other analysts have also issued reports on PNC. Robert W. Baird lifted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Raymond James Financial dropped their price target on The PNC Financial Services Group from $275.00 to $255.00 and set an “outperform” rating for the company in a research report on Friday, October 16th. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating for the company in a research note on Monday, October 5th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Tuesday, October 13th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating on the stock in a research note on Friday, October 16th. Seventeen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $266.13.

The PNC Financial Services Group Trading Up 0.8%

Shares of The PNC Financial Services Group stock opened at $222.81 on Monday. The firm has a market capitalization of $88.89 billion, a PE ratio of 11.55, a P/E/G ratio of 1.14 and a beta of 0.94. The PNC Financial Services Group has a twelve month low of $177.08 and a twelve month high of $258.96. The firm’s 50-day moving average price is $233.32 and its 200 day moving average price is $233.51. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same period in the previous year, the business earned $4.35 EPS. The PNC Financial Services Group’s quarterly revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group will post 19.22 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be issued a $2.00 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio is presently 42.58%.

Insiders Place Their Bets

In other news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of large investors have recently made changes to their positions in PNC. BlackRock Inc. purchased a new position in The PNC Financial Services Group during the second quarter worth approximately $7,921,455,000. State Street Corp boosted its stake in The PNC Financial Services Group by 4.3% during the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after buying an additional 765,097 shares during the last quarter. Bank of America Corp DE purchased a new stake in The PNC Financial Services Group in the 2nd quarter valued at $2,102,631,000. Deutsche Bank AG purchased a new stake in The PNC Financial Services Group in the 2nd quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after buying an additional 39,112 shares in the last quarter. 83.53% of the stock is currently 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. 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.