The PNC Financial Services Group (NYSE:PNC) Given New $208.00 Price Target at Morgan Stanley

The PNC Financial Services Group (NYSE:PNC) had its price objective lifted by research analysts at Morgan Stanley from $199.00 to $208.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 3.96% from the company’s previous close.

Several other research firms have also commented on PNC. Piper Sandler lifted their price target on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. 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. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Citigroup upped their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Truist Financial raised their target price on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $205.00.

The PNC Financial Services Group Price Performance

NYSE PNC traded up $3.54 during trading hours on Friday, hitting $200.08. 1,770,003 shares of the company’s stock traded hands, compared to its average volume of 2,382,321. The company has a market capitalization of $79.39 billion, a PE ratio of 16.89, a PEG ratio of 1.77 and a beta of 1.16. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group has a 52-week low of $139.69 and a 52-week high of $216.26. The firm’s 50-day moving average is $201.65 and its 200-day moving average is $186.67.

The PNC Financial Services Group (NYSE:PNC) last posted 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 10.88% and a net margin of 14.97%. The business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the business earned $3.16 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that The PNC Financial Services Group will post 13.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $190.27, for a total transaction of $236,315.34. Following the completion of the transaction, the chief executive officer now owns 544,765 shares in the company, valued at approximately $103,652,436.55. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,030 shares of company stock worth $5,928,202 in the last quarter. 0.42% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV increased its stake in The PNC Financial Services Group by 9.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 29,510 shares of the financial services provider’s stock valued at $4,588,000 after purchasing an additional 2,670 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of The PNC Financial Services Group by 7.3% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,387 shares of the financial services provider’s stock valued at $2,081,000 after buying an additional 908 shares during the last quarter. Blair William & Co. IL raised its stake in The PNC Financial Services Group by 216.5% during the 2nd quarter. Blair William & Co. IL now owns 45,739 shares of the financial services provider’s stock worth $7,112,000 after acquiring an additional 31,289 shares in the last quarter. XTX Topco Ltd acquired a new position in The PNC Financial Services Group in the second quarter valued at $512,000. Finally, MQS Management LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth about $487,000. 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.