The PNC Financial Services Group (NYSE:PNC) Reaches New 52-Week High After Analyst Upgrade

The PNC Financial Services Group, Inc (NYSE:PNC) hit a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $255.00 to $280.00. Citigroup currently has a buy rating on the stock. The PNC Financial Services Group traded as high as $250.75 and last traded at $250.9050, with a volume of 182775 shares changing hands. The stock had previously closed at $246.22.

PNC has been the topic of several other research reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Oppenheimer upped their price objective on The PNC Financial Services Group from $268.00 to $271.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays lifted their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Stephens initiated coverage on The PNC Financial Services Group in a research report on Monday, June 15th. They issued an “overweight” rating and a $265.00 price target for the company. Finally, Morgan Stanley raised 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. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $249.56.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was 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 directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by corporate insiders.

Institutional Trading of The PNC Financial Services Group

A number of large investors have recently added to or reduced their stakes in PNC. Truist Financial Corp raised its holdings in shares of The PNC Financial Services Group by 3.3% during the fourth quarter. Truist Financial Corp now owns 1,242,483 shares of the financial services provider’s stock valued at $259,344,000 after acquiring an additional 39,589 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. Teamwork Financial Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth approximately $13,711,000. Stoneridge Investment Partners LLC increased its position in shares of The PNC Financial Services Group by 59.1% during the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock worth $4,953,000 after purchasing an additional 8,818 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in The PNC Financial Services Group by 27.4% in the 3rd quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock valued at $401,650,000 after purchasing an additional 430,261 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 1.9%

The company has a 50 day moving average of $225.49 and a 200 day moving average of $219.86. 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 stock has a market capitalization of $100.71 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 1.01 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the previous year, the company posted $3.51 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. On average, research analysts predict that The PNC Financial Services Group, Inc will post 18.82 EPS for the current fiscal year.

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.