The PNC Financial Services Group (NYSE:PNC) Given New $290.00 Price Target at Citigroup

The PNC Financial Services Group (NYSE:PNC) had its price objective boosted by stock analysts at Citigroup from $280.00 to $290.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target points to a potential upside of 16.30% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on PNC. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday. Jefferies Financial Group assumed 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. Finally, Bank of America lifted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $265.50.

The PNC Financial Services Group Stock Down 1.4%

Shares of PNC stock traded down $3.51 during mid-day trading on Monday, reaching $249.35. 883,837 shares of the company’s stock traded hands, compared to its average volume of 2,426,676. The PNC Financial Services Group has a 12 month low of $176.88 and a 12 month high of $256.49. The company has a market cap of $100.13 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The company’s 50-day moving average price is $233.18 and its 200-day moving average price is $223.54.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the business earned $3.85 EPS. The PNC Financial Services Group’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities analysts expect that The PNC Financial Services Group will post 19.14 earnings per share for the current fiscal year.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on 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 owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 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 Investors Weigh In On The PNC Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,967,080,000. Viking Global Investors LP boosted its holdings in shares of The PNC Financial Services Group by 234.9% in 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 buying an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC boosted 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 worth $549,023,000 after buying an additional 2,382,552 shares during the last quarter. Deutsche Bank AG grew its position in The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after buying an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP increased its holdings in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after buying an additional 1,162,964 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

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.