The PNC Financial Services Group (PNC) – Investment Analysts’ Weekly Ratings Changes

The PNC Financial Services Group (NYSE: PNC) recently received a number of ratings updates from brokerages and research firms:

• 4/18/2024 – The PNC Financial Services Group was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 4/17/2024 – The PNC Financial Services Group had its “underperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $152.00 price target on the stock.
• 4/17/2024 – The PNC Financial Services Group had its price target lowered by analysts at Evercore ISI from $184.00 to $175.00. They now have an “outperform” rating on the stock.
• 4/17/2024 – The PNC Financial Services Group had its price target raised by analysts at Bank of America Co. from $165.00 to $168.00. They now have a “neutral” rating on the stock.
• 4/17/2024 – The PNC Financial Services Group had its price target lowered by analysts at Jefferies Financial Group Inc. from $171.00 to $162.00. They now have a “hold” rating on the stock.
• 4/8/2024 – The PNC Financial Services Group had its price target raised by analysts at Jefferies Financial Group Inc. from $164.00 to $171.00. They now have a “hold” rating on the stock.
• 4/5/2024 – The PNC Financial Services Group had its price target raised by analysts at Keefe, Bruyette & Woods from $145.00 to $152.00. They now have an “underperform” rating on the stock.
• 4/1/2024 – The PNC Financial Services Group had its price target raised by analysts at The Goldman Sachs Group, Inc. from $151.00 to $168.00. They now have a “neutral” rating on the stock.
• 3/28/2024 – The PNC Financial Services Group had its price target raised by analysts at Wells Fargo & Company from $185.00 to $194.00. They now have an “overweight” rating on the stock.
• 3/28/2024 – The PNC Financial Services Group had its price target raised by analysts at Evercore ISI from $180.00 to $184.00. They now have an “outperform” rating on the stock.
• 3/28/2024 – The PNC Financial Services Group was upgraded by analysts at HSBC Holdings plc from a “reduce” rating to a “hold” rating. They now have a $155.00 price target on the stock, up previously from $141.00.

The PNC Financial Services Group Price Performance

Shares of PNC traded up $3.92 during trading hours on Friday, reaching $151.81. 1,098,489 shares of the company traded hands, compared to its average volume of 2,130,989. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $60.39 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 1.69 and a beta of 1.18. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $162.24. The stock has a fifty day simple moving average of $151.80 and a 200 day simple moving average of $141.72.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.98 earnings per share. As a group, research analysts predict that The PNC Financial Services Group, Inc. will post 12.47 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s payout ratio is currently 52.06%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth about $1,039,481,000. Franklin Resources Inc. raised its holdings in shares of The PNC Financial Services Group by 165.4% in the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock worth $756,957,000 after purchasing an additional 3,046,226 shares during the period. Moneta Group Investment Advisors LLC raised its holdings in shares of The PNC Financial Services Group by 122,771.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock worth $401,323,000 after purchasing an additional 2,538,916 shares during the period. Capital International Investors raised its holdings in shares of The PNC Financial Services Group by 14.4% in the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after purchasing an additional 1,978,854 shares during the period. Finally, Morgan Stanley raised its holdings in shares of The PNC Financial Services Group by 28.7% in the 4th quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock worth $740,101,000 after purchasing an additional 1,045,055 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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.