The PNC Financial Services Group (NYSE:PNC) Stock Gets Price Target Cut from Morgan Stanley

The PNC Financial Services Group (NYSE:PNC) had its price objective trimmed by Morgan Stanley from $278.00 to $273.00 in a research note published on Friday. The brokerage currently has an equal weight rating on the financial services provider’s stock.

PNC has been the topic of a number of other reports. Robert W. Baird lifted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Evercore decreased their target price on The PNC Financial Services Group from $265.00 to $260.00 and set an “outperform” rating for the company in a research note on Monday. TD Cowen lowered their target price on The PNC Financial Services Group from $245.00 to $240.00 and set a “hold” rating on the stock in a report on Friday. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and raised their target price for the company from $230.00 to $265.00 in a report on Thursday, July 23rd. Finally, Truist Financial dropped their price target on The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating on the stock in a research report on Monday. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.13.

The PNC Financial Services Group Stock Performance

PNC traded down $1.24 during trading on Friday, hitting $216.15. The stock had a trading volume of 1,566,480 shares, compared to its average volume of 2,216,299. The firm has a market cap of $86.23 billion, a PE ratio of 11.50, a P/E/G ratio of 1.14 and a beta of 0.94. The PNC Financial Services Group has a 12 month low of $177.08 and a 12 month high of $258.96. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a 50 day simple moving average of $235.33 and a 200-day simple moving average of $233.29.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the previous year, the business earned $4.35 EPS. The business’s revenue was up 10.9% on a year-over-year basis. Analysts expect that The PNC Financial Services Group will post 19.22 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 42.58%.

Insider Activity

In other news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction 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. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PNC. Kaufman Rossin Wealth LLC grew its holdings in The PNC Financial Services Group by 16.8% during the 3rd quarter. Kaufman Rossin Wealth LLC now owns 1,586 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 228 shares during the period. Optivise Advisory Services LLC increased its stake in The PNC Financial Services Group by 10.4% in the third quarter. Optivise Advisory Services LLC now owns 1,057 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 100 shares in the last quarter. V Square Quantitative Management LLC increased its stake in The PNC Financial Services Group by 4.8% in the third quarter. V Square Quantitative Management LLC now owns 9,994 shares of the financial services provider’s stock valued at $2,221,000 after purchasing an additional 459 shares in the last quarter. YANKCOM Partnership raised its holdings in The PNC Financial Services Group by 4.1% in the third quarter. YANKCOM Partnership now owns 3,091 shares of the financial services provider’s stock worth $687,000 after purchasing an additional 121 shares during the period. Finally, Bangor Savings Bank raised its holdings in The PNC Financial Services Group by 1.2% in the third quarter. Bangor Savings Bank now owns 4,436 shares of the financial services provider’s stock worth $986,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Trending Headlines about The PNC Financial Services Group

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC reported approximately $2.1 billion in quarterly profit, with revenue rising 10.9% year over year to $6.60 billion. Earnings of $5.09 per share exceeded the $4.91 analyst consensus, while net margin was 21.83% and return on equity was 12.82%. PNC posts $2.1 billion profit as revenue tops prior year
• Positive Sentiment: Oppenheimer maintained a favorable view of PNC’s stock outlook, supporting the bullish case following the earnings release. Oppenheimer analyst outlook
• Neutral Sentiment: Analysts’ questions from the third-quarter earnings call focused on PNC’s earnings drivers, operating outlook and future growth, giving investors additional detail to assess the results. The 5 Most Interesting Analyst Questions From PNC’s Q3 Earnings Call
• Neutral Sentiment: Truist lowered its price target from $252 to $248 and assigned a “hold” rating. The new target still implies meaningful upside from recent trading levels, but the reduction signals a more restrained near-term view. Truist analyst update
• Negative Sentiment: Several firms reduced their expectations for PNC, including Raymond James, Keefe, Bruyette & Woods, Royal Bank of Canada and TD Cowen. The cluster of target cuts is likely weighing on the stock despite the earnings beat. Raymond James forecast KBW forecast RBC price target cut TD Cowen forecast

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 principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.