The PNC Financial Services Group (NYSE:PNC) Given New $290.00 Price Target at Citigroup

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

A number of other equities analysts also recently commented on PNC. Argus raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Barclays raised their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, 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 Stock Down 1.1%

Shares of NYSE PNC opened at $250.05 on Monday. The stock has a market capitalization of $100.41 billion, a PE ratio of 13.76, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The firm has a fifty day moving average of $233.88 and a 200-day moving average of $223.82. The PNC Financial Services Group has a 52-week low of $176.88 and a 52-week high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the company posted $3.85 EPS. The business’s quarterly revenue was up 21.4% on a year-over-year basis. On average, analysts anticipate that The PNC Financial Services Group will post 19.14 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 37.42%.

Insider Activity

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Monetary Solutions Ltd purchased a new stake in The PNC Financial Services Group during the 4th quarter worth $25,000. Quarry LP purchased a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the 4th quarter valued at about $29,000. Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group during the first quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC grew its stake in shares of The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 71 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

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.