JPMorgan Chase & Co. Has Lowered Expectations for The PNC Financial Services Group (NYSE:PNC) Stock Price

The PNC Financial Services Group (NYSE:PNC) had its target price reduced by analysts at JPMorgan Chase & Co. from $269.50 to $258.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 16.68% from the stock’s previous close.

PNC has been the topic of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Robert W. Baird upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Argus boosted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Finally, Oppenheimer upped their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.42.

The PNC Financial Services Group Stock Up 0.2%

Shares of The PNC Financial Services Group stock traded up $0.37 on Friday, hitting $221.12. 464,040 shares of the company’s stock traded hands, compared to its average volume of 2,199,226. The PNC Financial Services Group has a 52-week low of $176.88 and a 52-week high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The stock has a market cap of $88.21 billion, a P/E ratio of 12.17, a PEG ratio of 1.11 and a beta of 0.94. The firm’s 50-day moving average is $242.52 and its 200 day moving average is $232.08.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the company posted $3.85 earnings per share. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group will post 19.23 earnings per share for the current year.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the firm’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PNC. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $7,921,455,000. State Street Corp raised its stake in The PNC Financial Services Group by 4.3% during the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after acquiring an additional 765,097 shares in the last quarter. Capital International Investors raised its stake in 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 valued at $2,491,819,000 after acquiring an additional 1,101,055 shares in the last quarter. Bank of America Corp DE acquired a new position in The PNC Financial Services Group during the 2nd quarter worth $2,102,631,000. Finally, Franklin Resources Inc. grew its stake in shares of The PNC Financial Services Group by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 8,031,778 shares of the financial services provider’s stock worth $1,676,473,000 after purchasing an additional 71,606 shares in the last quarter. 83.53% of the stock is 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. Through its banking and financial services businesses, PNC serves consumers, small and mid-sized businesses, corporations, government entities and institutional clients across the United States.

PNC’s principal activities include retail banking, corporate and institutional banking, and asset management. Its products and services include deposit accounts, consumer and business lending, mortgages, credit cards, treasury management, investment banking, commercial finance, wealth management and investment advisory services.