The PNC Financial Services Group (NYSE:PNC) Stock Rating Upgraded by HSBC

HSBC upgraded shares of The PNC Financial Services Group (NYSE:PNC) from a hold rating to a buy rating in a research report released on Monday, Marketbeat reports. HSBC currently has $202.00 price target on the financial services provider’s stock, down from their previous price target of $206.00.

A number of other research firms have also recently commented on PNC. Barclays upped their price objective 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. Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Piper Sandler increased their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Morgan Stanley boosted their target price on shares of 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. Finally, Wells Fargo & Company decreased their price target on shares of 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $204.12.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $177.24 on Monday. The stock has a market cap of $70.14 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group has a 1 year low of $143.52 and a 1 year high of $216.26. The firm’s 50-day moving average is $186.59 and its 200 day moving average is $192.07.

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 for the quarter, topping the consensus estimate 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 firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the business earned $3.16 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.61%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is 46.55%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 10th. The shares were sold at an average price of $192.88, for a total transaction of $239,556.96. Following the sale, the chief executive officer now owns 526,313 shares of the company’s stock, valued at $101,515,251.44. The trade was a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 13,662 shares of company stock valued at $2,559,389. 0.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNC. MassMutual Private Wealth & Trust FSB raised its position in The PNC Financial Services Group by 7.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 34,436 shares of the financial services provider’s stock valued at $6,053,000 after purchasing an additional 2,448 shares during the period. 111 Capital purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at $672,000. NorthCrest Asset Manangement LLC lifted its stake in The PNC Financial Services Group by 7.7% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 4,245 shares of the financial services provider’s stock worth $819,000 after acquiring an additional 302 shares in the last quarter. Park Square Financial Group LLC purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $68,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in The PNC Financial Services Group in the 4th quarter valued at about $48,559,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

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.