The PNC Financial Services Group (NYSE:PNC) Research Coverage Started at Wolfe Research

Wolfe Research assumed coverage on shares of The PNC Financial Services Group (NYSE:PNC) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued a peer perform rating on the financial services provider’s stock.

PNC has been the topic of a number of other reports. Truist Financial reduced their target price on shares of The PNC Financial Services Group from $252.00 to $248.00 and set a “hold” rating on the stock in a research report on Monday, October 19th. Royal Bank Of Canada lowered their price target on shares of The PNC Financial Services Group from $273.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, October 16th. The Goldman Sachs Group lowered their price target on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Jefferies Financial Group dropped their price target on shares of The PNC Financial Services Group from $305.00 to $280.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $230.00 to $265.00 in a report on Thursday, July 23rd. Seventeen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $266.13.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $231.78 on Tuesday. The business’s 50-day simple moving average is $230.32 and its 200 day simple moving average is $228.82. The company has a market cap of $92.47 billion, a P/E ratio of 12.34, a PEG ratio of 1.18 and a beta of 0.94. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84. The PNC Financial Services Group has a one year low of $177.08 and a one year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter in the prior year, the business earned $4.35 EPS. The PNC Financial Services Group’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts forecast that The PNC Financial Services Group will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 42.58%.

Insider Activity

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction 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 owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Trust Asset Management LLC grew its stake in The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock valued at $1,097,000 after acquiring an additional 43 shares in the last quarter. Everett Harris & Co. CA increased its holdings in shares of The PNC Financial Services Group by 3.3% in the 3rd quarter. Everett Harris & Co. CA now owns 1,535 shares of the financial services provider’s stock valued at $341,000 after purchasing an additional 49 shares during the period. SJS Investment Consulting Inc. increased its holdings in shares of The PNC Financial Services Group by 34.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 196 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 50 shares during the period. United Community Bank increased its holdings in shares of The PNC Financial Services Group by 0.8% in the 2nd quarter. United Community Bank now owns 6,523 shares of the financial services provider’s stock valued at $1,606,000 after purchasing an additional 50 shares during the period. Finally, Relyea Zuckerberg Hanson LLC lifted its position in shares of The PNC Financial Services Group by 3.2% in the first quarter. Relyea Zuckerberg Hanson LLC now owns 1,647 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 51 shares in the last quarter. 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 is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.