Citigroup Increases The PNC Financial Services Group (NYSE:PNC) Price Target to $255.00

The PNC Financial Services Group (NYSE:PNC) had its target price upped by equities research analysts at Citigroup from $245.00 to $255.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Citigroup’s target price suggests a potential upside of 17.47% from the stock’s previous close.

A number of other research firms have also issued reports on PNC. JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Barclays raised their price target on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Oppenheimer raised their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. Finally, Bank of America raised their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $243.11.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC traded down $2.21 during midday trading on Friday, reaching $217.08. 737,849 shares of the company were exchanged, compared to its average volume of 2,559,757. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group has a 1 year low of $166.02 and a 1 year high of $243.94. The stock has a fifty day simple moving average of $213.76 and a 200 day simple moving average of $209.44. The stock has a market cap of $87.17 billion, a P/E ratio of 12.62, a PEG ratio of 0.92 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter last year, the company posted $3.51 earnings per share. The business’s revenue was up 13.1% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group will post 18.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 over the last quarter. 0.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. State Street Corp boosted its stake in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after acquiring an additional 77,302 shares in the last quarter. Capital International Investors boosted its stake in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares in the last quarter. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC boosted its stake in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after acquiring an additional 30,078 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Company Profile

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.