The PNC Financial Services Group (NYSE:PNC) Given New $258.00 Price Target at JPMorgan Chase & Co.

The PNC Financial Services Group (NYSE:PNC) had its price target cut by JPMorgan Chase & Co. from $269.50 to $258.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 16.68% from the stock’s current price.

PNC has been the subject of several other reports. UBS Group boosted their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Truist Financial dropped their target price on The PNC Financial Services Group from $264.00 to $252.00 and set a “hold” rating for the company in a research note on Thursday. Barclays increased their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Wells Fargo & Company increased their price objective 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, Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.42.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock traded up $0.37 during midday trading on Friday, reaching $221.12. 464,040 shares of the company were exchanged, compared to its average volume of 2,199,226. The firm’s 50-day simple moving average is $242.52 and its 200-day simple moving average is $232.08. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a market capitalization of $88.21 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 1.11 and a beta of 0.94. 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 PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the firm earned $3.85 EPS. On average, analysts anticipate that The PNC Financial Services Group will post 19.23 EPS for the current year.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of the 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 of the company’s stock, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

Institutional Trading of The PNC Financial Services Group

Several large investors have recently added to or reduced their stakes in PNC. QRG Capital Management Inc. grew its stake in shares of The PNC Financial Services Group by 56.8% in 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 in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in The PNC Financial Services Group by 9.8% in 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. grew its position in The PNC Financial Services Group by 4.5% in the second quarter. Envestnet Asset Management Inc. now owns 2,103,553 shares of the financial services provider’s stock valued at $517,936,000 after acquiring an additional 90,398 shares in the last quarter. State Street Corp raised its stake in shares of The PNC Financial Services Group by 4.3% during the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after purchasing an additional 765,097 shares during the period. Finally, Integrated Wealth Concepts LLC lifted its position in shares of The PNC Financial Services Group by 22.9% during the second quarter. Integrated Wealth Concepts LLC now owns 26,499 shares of the financial services provider’s stock worth $6,526,000 after purchasing an additional 4,932 shares in the last quarter. 83.53% of the stock is currently 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 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.