The PNC Financial Services Group (NYSE:PNC) Price Target Lowered to $189.00 at Truist Financial

The PNC Financial Services Group (NYSE:PNC) had its target price lowered by Truist Financial from $208.00 to $189.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other analysts also recently commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Hsbc Global Res raised shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. Wells Fargo & Company cut their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Barclays reduced their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley decreased their target price on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an “underweight” rating on the stock in a research report on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $200.88.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $152.05 on Wednesday. The stock has a market capitalization of $60.17 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 1.55 and a beta of 1.04. The business’s 50 day moving average is $173.63 and its two-hundred day moving average is $189.09. The PNC Financial Services Group has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. Research analysts expect that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $202.11, for a total value of $251,020.62. Following the completion of the transaction, the chief executive officer now directly owns 522,587 shares in the company, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 11,819 shares of company stock worth $2,127,508. 0.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Several institutional investors and hedge funds have recently made changes to their positions in PNC. Norges Bank acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $299,864,000. GAMMA Investing LLC grew its holdings in shares of The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider’s stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of The PNC Financial Services Group by 166.1% in the 4th quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock worth $265,436,000 after purchasing an additional 860,554 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock valued at $1,453,763,000 after purchasing an additional 726,115 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.