The PNC Financial Services Group, Inc (NYSE:PNC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of The PNC Financial Services Group, Inc (NYSE:PNC) have received an average rating of “Moderate Buy” from the twenty-one ratings firms that are presently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $267.8684.

PNC has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Truist Financial raised their price target on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Argus increased their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Citigroup boosted their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, Royal Bank Of Canada upped their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $224.06 on Thursday. The PNC Financial Services Group has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The firm has a market capitalization of $89.38 billion, a PE ratio of 12.33, a PEG ratio of 1.14 and a beta of 0.90. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The stock’s fifty day moving average is $246.01 and its 200 day moving average is $231.31.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the company posted $3.85 EPS. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, sell-side analysts anticipate that The PNC Financial Services Group will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

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

Insider Activity at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred 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 directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PNC. QRG Capital Management Inc. grew its holdings in shares of The PNC Financial Services Group by 56.8% during the second quarter. QRG Capital Management Inc. now owns 81,704 shares of the financial services provider’s stock valued at $20,117,000 after buying an additional 29,597 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in The PNC Financial Services Group by 9.8% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 19,955 shares of the financial services provider’s stock valued at $4,913,000 after acquiring an additional 1,783 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of The PNC Financial Services Group by 4.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,103,553 shares of the financial services provider’s stock valued at $517,936,000 after purchasing an additional 90,398 shares during the period. State Street Corp raised its position in shares of The PNC Financial Services Group by 4.3% in the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after acquiring an additional 765,097 shares during the period. Finally, Integrated Wealth Concepts LLC increased its position in shares of The PNC Financial Services Group by 22.9% in the second quarter. Integrated Wealth Concepts LLC now owns 26,499 shares of the financial services provider’s stock valued at $6,526,000 after buying an additional 4,932 shares in the last quarter. Hedge funds and other institutional investors 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 PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.