The Goldman Sachs Group Cuts The PNC Financial Services Group (NYSE:PNC) Price Target to $250.00

The PNC Financial Services Group (NYSE:PNC) had its price objective decreased by The Goldman Sachs Group from $281.00 to $250.00 in a research note released on Monday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Barclays increased their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Argus boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Wells Fargo & Company increased their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $268.35.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $217.60 on Monday. The company has a market capitalization of $86.81 billion, a P/E ratio of 11.98, a PEG ratio of 1.10 and a beta of 0.94. The PNC Financial Services Group has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. 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 has a 50 day moving average price of $240.10 and a two-hundred day moving average price of $232.58.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter last year, the business earned $3.85 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis. Analysts expect that The PNC Financial Services Group will post 19.23 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be issued a $2.00 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 annualized dividend and a yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

Several institutional investors and hedge funds have recently bought and sold shares of PNC. Highland Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $28,000. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $25,000. Archer Investment Corp bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $33,000. Finally, Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $29,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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 banking and financial services businesses, PNC serves consumers, small and mid-sized businesses, corporations, government entities and institutional clients across the United States.

PNC’s principal activities include retail banking, corporate and institutional banking, and asset management. Its products and services include deposit accounts, consumer and business lending, mortgages, credit cards, treasury management, investment banking, commercial finance, wealth management and investment advisory services.