JPMorgan Chase & Co. Lowers The PNC Financial Services Group (NYSE:PNC) Price Target to $189.00

The PNC Financial Services Group (NYSE:PNC) had its price target lowered by JPMorgan Chase & Co. from $212.50 to $189.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 23.65% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research report on Friday, January 17th. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and lowered their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Truist Financial upped their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the stock a “hold” rating in a report on Friday, January 17th. The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, Citigroup cut their target price on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $205.18.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $152.85 on Thursday. The business’s 50-day simple moving average is $184.93 and its 200-day simple moving average is $191.66. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group has a 52 week low of $143.52 and a 52 week high of $216.26. The firm has a market cap of $60.49 billion, a price-to-earnings ratio of 11.12, a P/E/G ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $3.16 earnings per share. As a group, equities research analysts expect that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $198.00, for a total value of $245,916.00. Following the sale, the chief executive officer now owns 525,071 shares of the company’s stock, valued at approximately $103,964,058. This represents a 0.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 12,420 shares of company stock worth $2,320,739 over the last three months. 0.41% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Winch Advisory Services LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Richardson Financial Services Inc. increased its holdings in The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 140 shares in the last quarter. Albion Financial Group UT bought a new position in The PNC Financial Services Group in the 4th quarter valued at $30,000. Synergy Asset Management LLC acquired a new position in The PNC Financial Services Group in the fourth quarter worth $32,000. Finally, Rialto Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $32,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

About The PNC Financial Services Group

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.