Morgan Stanley Lowers The PNC Financial Services Group (NYSE:PNC) Price Target to $263.00

The PNC Financial Services Group (NYSE:PNC) had its price objective dropped by Morgan Stanley from $283.00 to $263.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 26.82% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Barclays increased their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Oppenheimer reduced their price objective on The PNC Financial Services Group from $284.00 to $263.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $238.28.

The PNC Financial Services Group Stock Performance

PNC stock traded up $5.72 during midday trading on Tuesday, reaching $207.38. The stock had a trading volume of 745,358 shares, compared to its average volume of 2,788,125. The firm has a fifty day simple moving average of $218.47 and a two-hundred day simple moving average of $205.16. The PNC Financial Services Group has a 52-week low of $145.12 and a 52-week high of $243.94. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $83.65 billion, a PE ratio of 12.50, a P/E/G ratio of 0.90 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter in the previous year, the business earned $3.77 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current year.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the sale, the executive vice president owned 1,942 shares of the company’s stock, valued at $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 64,186 shares of company stock worth $14,840,973 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in The PNC Financial Services Group by 12.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after acquiring an additional 6,572 shares during the last quarter. US Bancorp DE raised its holdings in The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock valued at $57,714,000 after acquiring an additional 34,009 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in The PNC Financial Services Group by 1.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock worth $369,169,000 after purchasing an additional 22,325 shares in the last quarter. Savant Capital LLC lifted its stake in The PNC Financial Services Group by 8.7% in the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock worth $17,672,000 after purchasing an additional 7,064 shares in the last quarter. Finally, National Pension Service boosted its holdings in shares of The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after purchasing an additional 26,305 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

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.