Truist Financial Cuts The PNC Financial Services Group (NYSE:PNC) Price Target to $252.00

The PNC Financial Services Group (NYSE:PNC) had its price target trimmed by Truist Financial from $264.00 to $252.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a hold rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on PNC. Barclays increased their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Morgan Stanley upped their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Stephens lifted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $269.42.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $221.01 on Thursday. The company has a 50-day simple moving average of $241.93 and a 200-day simple moving average of $232.00. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $88.17 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.10 and a beta of 0.94. The PNC Financial Services Group has a 12 month low of $176.88 and a 12 month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data 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 business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the firm posted $3.85 earnings per share. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities analysts anticipate that The PNC Financial Services Group will post 19.23 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of The PNC Financial Services Group in the second quarter worth about $7,921,455,000. Bank of America Corp DE purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $2,102,631,000. Deutsche Bank AG purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $1,054,189,000. Jupiter Topco LLC acquired a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $756,877,000. Finally, Legal & General Group Plc acquired a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $669,168,000. Institutional investors and hedge funds 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. 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.