The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $226.00

The PNC Financial Services Group (NYSE:PNC) had its target price lifted by Bank of America from $223.00 to $226.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their target price for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the company an “underweight” rating in a research note on Thursday. Citigroup reduced their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Raymond James Financial raised shares of The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $220.00 target price on the stock in a research note on Tuesday, July 8th. Finally, TD Cowen initiated coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a “buy” rating and a $233.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $212.76.

The PNC Financial Services Group Price Performance

PNC stock opened at $196.54 on Thursday. The PNC Financial Services Group has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.80 and a debt-to-equity ratio of 1.05. The company has a fifty day simple moving average of $182.39 and a two-hundred day simple moving average of $180.21. The firm has a market capitalization of $77.75 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 1.54 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same quarter last year, the business earned $3.39 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 4.6% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.46%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group’s payout ratio is 46.51%.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company’s stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin Pfinsgraff purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average cost of $158.22 per share, with a total value of $158,220.00. Following the acquisition, the director owned 2,009 shares in the company, valued at $317,863.98. This represents a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 9,545 shares of company stock valued at $1,590,080 in the last three months. 0.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of large investors have recently modified their holdings of PNC. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,352,151,000. Massachusetts Financial Services Co. MA lifted its position in The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after buying an additional 1,964,157 shares during the last quarter. Nuveen LLC acquired a new position in The PNC Financial Services Group in the first quarter valued at about $306,905,000. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at about $299,864,000. Finally, GAMMA Investing LLC lifted its position in The PNC Financial Services Group by 19,279.5% in the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider’s stock valued at $201,961,000 after buying an additional 1,143,079 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

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.