The PNC Financial Services Group (NYSE:PNC) Price Target Raised to $283.00

The PNC Financial Services Group (NYSE:PNC) had its price target boosted by HSBC from $275.00 to $283.00 in a research report released on Monday, MarketBeat.com reports. HSBC currently has a buy rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Argus raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Oppenheimer lifted their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. UBS Group boosted their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and an average price target of $270.66.

The PNC Financial Services Group Trading Up 0.4%

NYSE:PNC opened at $222.47 on Monday. The firm has a market cap of $88.75 billion, a P/E ratio of 12.24, a PEG ratio of 1.11 and a beta of 0.90. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The stock’s 50 day simple moving average is $243.10 and its 200-day simple moving average is $231.94. The PNC Financial Services Group has a 12-month low of $176.88 and a 12-month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS 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 $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the business earned $3.85 earnings per share. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. Equities analysts anticipate that The PNC Financial Services Group will post 19.23 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.6%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the second quarter worth about $7,921,455,000. State Street Corp lifted its position in shares of The PNC Financial Services Group by 4.3% during the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after acquiring an additional 765,097 shares during the period. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Bank of America Corp DE purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $2,102,631,000. Finally, Franklin Resources Inc. boosted its stake in shares of The PNC Financial Services Group by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 8,031,778 shares of the financial services provider’s stock worth $1,676,473,000 after acquiring an additional 71,606 shares in the last quarter. 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 is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its banking and financial services businesses, PNC serves consumers, small and mid-sized businesses, corporations, government entities and institutional clients across the United States.

PNC’s principal activities include retail banking, corporate and institutional banking, and asset management. Its products and services include deposit accounts, consumer and business lending, mortgages, credit cards, treasury management, investment banking, commercial finance, wealth management and investment advisory services.