The PNC Financial Services Group (NYSE:PNC) Given New $229.00 Price Target at Truist Financial

The PNC Financial Services Group (NYSE:PNC) had its target price increased by Truist Financial from $210.00 to $229.00 in a report released on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Piper Sandler upgraded shares of The PNC Financial Services Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $211.00 to $220.00 in a report on Thursday, October 9th. Raymond James Financial increased their target price on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $215.00 to $228.00 and gave the stock a “market perform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $219.11.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $209.54 on Thursday. The firm has a fifty day moving average of $189.72 and a two-hundred day moving average of $192.08. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $82.17 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 1.18 and a beta of 1.01. The PNC Financial Services Group has a 52 week low of $145.12 and a 52 week high of $213.03.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The firm’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the company earned $3.49 EPS. As a group, equities research analysts predict that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is currently 43.93%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Quarry LP bought a new stake in The PNC Financial Services Group in the 3rd quarter valued at approximately $25,000. Saudi Central Bank acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at approximately $27,000. IMG Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $27,000. Concord Wealth Partners boosted its holdings in 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 worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Westfuller Advisors LLC bought a new position in The PNC Financial Services Group in the third quarter valued at $34,000. 83.53% of the stock is currently owned by 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.