The PNC Financial Services Group (NYSE:PNC) Price Target Cut to $189.00 by Analysts at Truist Financial

The PNC Financial Services Group (NYSE:PNC) had its price objective cut by equities research analysts at Truist Financial from $208.00 to $189.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target indicates a potential upside of 23.68% from the company’s current price.

PNC has been the subject of a number of other reports. HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Stephens reissued an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. The Goldman Sachs Group dropped their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Morgan Stanley lowered their target price on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an “underweight” rating for the company in a report on Monday, April 7th. Finally, Barclays decreased their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $201.06.

The PNC Financial Services Group Stock Down 0.6 %

Shares of NYSE:PNC traded down $0.97 on Wednesday, hitting $152.82. 207,254 shares of the company traded hands, compared to its average volume of 2,536,814. The company has a market cap of $60.48 billion, a PE ratio of 11.10, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a 50 day simple moving average of $176.47 and a 200-day simple moving average of $189.78.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, research analysts expect that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 24th. The shares were sold at an average price of $196.17, for a total transaction of $243,643.14. Following the sale, the chief executive officer now directly owns 523,829 shares in the company, valued at $102,759,534.93. This trade represents a 0.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 13,061 shares of company stock worth $2,373,424. 0.41% of the stock is currently owned by insiders.

Institutional Trading of The PNC Financial Services Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in The PNC Financial Services Group in the 4th quarter valued at approximately $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth about $299,864,000. GAMMA Investing LLC lifted its holdings in shares of The PNC Financial Services Group by 19,279.5% in the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider’s stock valued at $201,961,000 after purchasing an additional 1,143,079 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of The PNC Financial Services Group by 166.1% during the 4th quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider’s stock worth $265,436,000 after purchasing an additional 860,554 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock worth $1,453,763,000 after buying an additional 726,115 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.