JPMorgan Chase & Co. Forecasts Strong Price Appreciation for The PNC Financial Services Group (NYSE:PNC) Stock

The PNC Financial Services Group (NYSE:PNC) had its price target increased by equities researchers at JPMorgan Chase & Co. from $238.00 to $264.50 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 5.10% from the stock’s previous close.

A number of other research analysts have also recently commented on PNC. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Truist Financial increased their target price on The PNC Financial Services Group from $245.00 to $257.00 and gave the stock a “hold” rating in a report on Friday, June 26th. Barclays raised their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $254.62.

The PNC Financial Services Group Stock Up 0.9%

Shares of PNC opened at $251.66 on Monday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a 50-day simple moving average of $226.89 and a 200-day simple moving average of $220.69. The PNC Financial Services Group has a 52 week low of $176.88 and a 52 week high of $254.00. The firm has a market capitalization of $101.06 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.02 and a beta of 0.91.

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, beating analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.51 earnings per share. On average, equities research analysts expect that The PNC Financial Services Group will post 18.82 earnings per share for the current year.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction 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 sale, the director owned 10,749 shares in the company, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of institutional investors and hedge funds have recently modified their holdings of PNC. Brighton Jones LLC boosted its position in shares of The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares during the last quarter. Empowered Funds LLC boosted its holdings in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares during the last quarter. Sivia Capital Partners LLC grew its position in shares of The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after buying an additional 1,449 shares during the period. Treasurer of the State of North Carolina grew its position in shares of The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock worth $34,409,000 after buying an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $482,000. 83.53% of the stock is owned by institutional investors.

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.