The PNC Financial Services Group (NYSE:PNC) Price Target Cut to $273.00 by Analysts at Morgan Stanley

The PNC Financial Services Group (NYSE:PNC) had its price objective reduced by Morgan Stanley from $278.00 to $273.00 in a report issued on Friday morning. They currently have an equal weight rating on the financial services provider’s stock.

Several other analysts have also commented on PNC. The Goldman Sachs Group reduced their price target on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Tuesday, October 13th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and upped their price target for the company from $230.00 to $265.00 in a research note on Thursday, July 23rd. Barclays increased their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Robert W. Baird raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $266.13.

The PNC Financial Services Group Trading Down 0.6%

Shares of PNC traded down $1.24 during mid-day trading on Friday, reaching $216.15. The stock had a trading volume of 1,566,480 shares, compared to its average volume of 2,216,299. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83. The PNC Financial Services Group has a 52-week low of $177.08 and a 52-week high of $258.96. The business’s fifty day moving average is $235.33 and its 200 day moving average is $233.29. The firm has a market cap of $86.23 billion, a price-to-earnings ratio of 11.50, a P/E/G ratio of 1.14 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The PNC Financial Services Group’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.35 earnings per share. On average, sell-side analysts predict that The PNC Financial Services Group will post 19.22 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.7%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 42.58%.

Insider Activity

In related news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares of the company’s stock, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Large investors have recently bought and sold shares of the stock. Kaufman Rossin Wealth LLC raised its position in The PNC Financial Services Group by 16.8% in the third quarter. Kaufman Rossin Wealth LLC now owns 1,586 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 228 shares in the last quarter. Optivise Advisory Services LLC boosted its position in shares of The PNC Financial Services Group by 10.4% during the 3rd quarter. Optivise Advisory Services LLC now owns 1,057 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 100 shares in the last quarter. V Square Quantitative Management LLC boosted its position in shares of The PNC Financial Services Group by 4.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 9,994 shares of the financial services provider’s stock worth $2,221,000 after purchasing an additional 459 shares in the last quarter. YANKCOM Partnership grew its stake in shares of The PNC Financial Services Group by 4.1% during the 3rd quarter. YANKCOM Partnership now owns 3,091 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 121 shares during the period. Finally, Bangor Savings Bank grew its stake in shares of The PNC Financial Services Group by 1.2% during the 3rd quarter. Bangor Savings Bank now owns 4,436 shares of the financial services provider’s stock worth $986,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Key Headlines Impacting The PNC Financial Services Group

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC reported approximately $2.1 billion in quarterly profit, with revenue rising 10.9% year over year to $6.60 billion. Earnings of $5.09 per share exceeded the $4.91 analyst consensus, while net margin was 21.83% and return on equity was 12.82%. PNC posts $2.1 billion profit as revenue tops prior year
• Positive Sentiment: Oppenheimer maintained a favorable view of PNC’s stock outlook, supporting the bullish case following the earnings release. Oppenheimer analyst outlook
• Neutral Sentiment: Analysts’ questions from the third-quarter earnings call focused on PNC’s earnings drivers, operating outlook and future growth, giving investors additional detail to assess the results. The 5 Most Interesting Analyst Questions From PNC’s Q3 Earnings Call
• Neutral Sentiment: Truist lowered its price target from $252 to $248 and assigned a “hold” rating. The new target still implies meaningful upside from recent trading levels, but the reduction signals a more restrained near-term view. Truist analyst update
• Negative Sentiment: Several firms reduced their expectations for PNC, including Raymond James, Keefe, Bruyette & Woods, Royal Bank of Canada and TD Cowen. The cluster of target cuts is likely weighing on the stock despite the earnings beat. Raymond James forecast KBW forecast RBC price target cut TD Cowen forecast

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.