Morgan Stanley Issues Positive Forecast for The PNC Financial Services Group (NYSE:PNC) Stock Price

The PNC Financial Services Group (NYSE:PNC) had its price target hoisted by investment analysts at Morgan Stanley from $267.00 to $278.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 12.82% from the company’s previous close.

Several other analysts have also recently commented on PNC. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Truist Financial upped their price objective on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the company a “hold” rating in a research note on Friday. Stephens initiated coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They issued an “overweight” rating and a $265.00 target price on the stock. Finally, Oppenheimer upped their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average price target of $248.00.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock traded up $1.43 during trading hours on Monday, hitting $246.41. 611,159 shares of the stock traded hands, compared to its average volume of 2,449,372. The firm’s 50 day moving average price is $224.53 and its 200-day moving average price is $219.27. The stock has a market capitalization of $98.95 billion, a price-to-earnings ratio of 14.32, a P/E/G ratio of 1.00 and a beta of 0.92. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $249.01. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 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 the consensus estimate of $6.21 billion. During the same quarter in the prior year, the business earned $3.51 earnings per share. The company’s revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts expect that The PNC Financial Services Group will post 18.81 EPS for the current fiscal year.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,300 shares of company stock worth $10,694,574 over the last three months. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

Several hedge funds have recently bought and sold shares of the company. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth approximately $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the first quarter worth about $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in shares of The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after buying an additional 71 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

About The PNC Financial Services Group

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.