The PNC Financial Services Group (NYSE:PNC) Price Target Lowered to $208.00 at Truist Financial

The PNC Financial Services Group (NYSE:PNC) had its price target lowered by Truist Financial from $216.00 to $208.00 in a report published on Friday,Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Several other research firms have also issued reports on PNC. The Goldman Sachs Group lowered their target price on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Wells Fargo & Company lowered their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Barclays increased their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Stephens reissued an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $205.18.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $152.85 on Friday. The stock has a market cap of $60.49 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group has a 52-week low of $143.52 and a 52-week high of $216.26. The business has a 50-day simple moving average of $184.93 and a 200-day simple moving average of $191.80. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the company posted $3.16 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities analysts expect that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 46.55%.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $198.00, for a total transaction of $245,916.00. Following the transaction, the chief executive officer now owns 525,071 shares in the company, valued at approximately $103,964,058. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 12,420 shares of company stock worth $2,320,739 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

A number of hedge funds and other institutional investors have recently modified their holdings of PNC. Mechanics Financial Corp acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $541,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $739,000. Premier Fund Managers Ltd raised its position in shares of The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock valued at $9,511,000 after buying an additional 13,700 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock valued at $7,739,000 after buying an additional 8,081 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in The PNC Financial Services Group by 48.5% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock valued at $5,160,000 after acquiring an additional 8,735 shares during 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 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.