Citigroup Forecasts Strong Price Appreciation for The PNC Financial Services Group (NYSE:PNC) Stock

The PNC Financial Services Group (NYSE:PNC) had its price objective boosted by research analysts at Citigroup from $255.00 to $280.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target would suggest a potential upside of 13.53% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective for the company. Stephens started coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They issued an “overweight” rating and a $265.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $249.56.

The PNC Financial Services Group Stock Down 0.0%

PNC stock traded down $0.10 during mid-day trading on Tuesday, hitting $246.63. 740,812 shares of the company were exchanged, compared to its average volume of 2,449,653. The firm has a fifty day simple moving average of $225.07 and a 200 day simple moving average of $219.59. The company has a market capitalization of $99.04 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92. The PNC Financial Services Group has a twelve month low of $176.88 and a twelve month high of $249.01. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.51 earnings per share. On average, research analysts forecast that The PNC Financial Services Group will post 18.81 earnings per share for the current fiscal year.

Insider Transactions at The PNC Financial Services Group

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

Institutional Trading of The PNC Financial Services Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in The PNC Financial Services Group during the 4th quarter valued at $1,967,080,000. Viking Global Investors LP grew its holdings in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of The PNC Financial Services Group by 961.7% in the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after buying an additional 2,382,552 shares during the last quarter. Deutsche Bank AG grew its holdings in The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after acquiring an additional 1,994,431 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

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.