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

by · The Markets Daily

The PNC Financial Services Group (NYSE:PNC – Get Free Report) had its price objective increased by Barclays from $229.00 to $257.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target suggests a potential upside of 30.50% from the stock’s previous close.

PNC has been the topic of a number of other research reports. Piper Sandler boosted their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Compass Point lifted their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $202.56.

View Our Latest Research Report on PNC

The PNC Financial Services Group Trading Up 0.7 %

Shares of NYSE:PNC traded up $1.30 during midday trading on Monday, hitting $196.93. The company had a trading volume of 1,127,530 shares, compared to its average volume of 1,367,514. The firm has a fifty day simple moving average of $200.97 and a 200 day simple moving average of $184.57. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The stock has a market cap of $78.14 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 2.11 and a beta of 1.16. The PNC Financial Services Group has a 12 month low of $139.69 and a 12 month high of $216.26.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the previous year, the business earned $3.60 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that The PNC Financial Services Group will post 13.45 EPS for the current year.

Insider Transactions at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now owns 915 shares in the company, valued at approximately $170,299.80. This represents a 48.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $193.62, for a total transaction of $240,476.04. Following the completion of the transaction, the chief executive officer now directly owns 528,797 shares in the company, valued at $102,385,675.14. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,030 shares of company stock worth $5,916,453. Company insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNC. Neville Rodie & Shaw Inc. grew its holdings in shares of The PNC Financial Services Group by 1.9% during the 4th quarter. Neville Rodie & Shaw Inc. now owns 8,077 shares of the financial services provider’s stock valued at $1,558,000 after acquiring an additional 150 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of The PNC Financial Services Group by 6.3% in the 4th quarter. Nordea Investment Management AB now owns 32,538 shares of the financial services provider’s stock worth $6,283,000 after buying an additional 1,930 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of The PNC Financial Services Group by 4.0% in the fourth quarter. GAMMA Investing LLC now owns 5,929 shares of the financial services provider’s stock valued at $1,143,000 after acquiring an additional 226 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of The PNC Financial Services Group by 86.2% during the fourth quarter. Versant Capital Management Inc now owns 473 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 219 shares during the last quarter. Finally, Fidelity D & D Bancorp Inc. increased its stake in shares of The PNC Financial Services Group by 1.4% in the 3rd quarter. Fidelity D & D Bancorp Inc. now owns 9,708 shares of the financial services provider’s stock valued at $1,795,000 after buying an additional 138 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Company Profile

(Get Free Report)

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.

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