Morgan Stanley Issues Pessimistic Forecast for The PNC Financial Services Group (NYSE:PNC) Stock Price

The PNC Financial Services Group (NYSE:PNC) had its price target reduced by analysts at Morgan Stanley from $278.00 to $273.00 in a report released on Friday. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 26.30% from the company’s previous close.

Other research analysts also recently issued reports about the company. Oppenheimer lifted their price target on The PNC Financial Services Group from $263.00 to $269.00 and gave the stock an “outperform” rating in a research report on Friday. Argus increased their price objective on 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. Robert W. Baird upped their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods reduced their price target on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a report on Friday. Finally, HSBC increased their price target on shares of The PNC Financial Services Group from $275.00 to $283.00 and gave the company a “buy” rating in a report on Monday, September 28th. Seventeen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.13.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC traded down $1.24 during midday trading on Friday, hitting $216.15. The company’s stock had a trading volume of 1,566,480 shares, compared to its average volume of 2,216,299. 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 stock’s 50 day simple moving average is $235.33 and its 200 day simple moving average is $233.29. The stock has a market capitalization of $86.23 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.14 and a beta of 0.94. The PNC Financial Services Group has a fifty-two week low of $177.08 and a fifty-two week high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same quarter in the previous year, the firm earned $4.35 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. As a group, research analysts anticipate that The PNC Financial Services Group will post 19.22 earnings per share for the current year.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Kaufman Rossin Wealth LLC grew its holdings in The PNC Financial Services Group by 16.8% during the 3rd quarter. Kaufman Rossin Wealth LLC now owns 1,586 shares of the financial services provider’s stock worth $353,000 after acquiring an additional 228 shares during the last quarter. Optivise Advisory Services LLC raised its stake in shares of The PNC Financial Services Group by 10.4% in the third quarter. Optivise Advisory Services LLC now owns 1,057 shares of the financial services provider’s stock worth $235,000 after acquiring an additional 100 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of The PNC Financial Services Group by 4.8% in the third quarter. V Square Quantitative Management LLC now owns 9,994 shares of the financial services provider’s stock worth $2,221,000 after acquiring an additional 459 shares during the last quarter. YANKCOM Partnership raised its stake in shares of The PNC Financial Services Group by 4.1% in the third quarter. YANKCOM Partnership now owns 3,091 shares of the financial services provider’s stock worth $687,000 after acquiring an additional 121 shares during the last quarter. Finally, Bangor Savings Bank lifted its position in shares of The PNC Financial Services Group by 1.2% during the third quarter. Bangor Savings Bank now owns 4,436 shares of the financial services provider’s stock worth $986,000 after purchasing an additional 52 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group News Roundup

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC reported approximately $2.1 billion in quarterly profit, with revenue rising 10.9% year over year to $6.60 billion. Earnings of $5.09 per share exceeded the $4.91 analyst consensus, while net margin was 21.83% and return on equity was 12.82%. PNC posts $2.1 billion profit as revenue tops prior year
• Positive Sentiment: Oppenheimer maintained a favorable view of PNC’s stock outlook, supporting the bullish case following the earnings release. Oppenheimer analyst outlook
• Neutral Sentiment: Analysts’ questions from the third-quarter earnings call focused on PNC’s earnings drivers, operating outlook and future growth, giving investors additional detail to assess the results. The 5 Most Interesting Analyst Questions From PNC’s Q3 Earnings Call
• Neutral Sentiment: Truist lowered its price target from $252 to $248 and assigned a “hold” rating. The new target still implies meaningful upside from recent trading levels, but the reduction signals a more restrained near-term view. Truist analyst update
• Negative Sentiment: Several firms reduced their expectations for PNC, including Raymond James, Keefe, Bruyette & Woods, Royal Bank of Canada and TD Cowen. The cluster of target cuts is likely weighing on the stock despite the earnings beat. Raymond James forecast KBW forecast RBC price target cut TD Cowen forecast

About The PNC Financial Services Group

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.