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

The PNC Financial Services Group (NYSE:PNC) had its price target lowered by equities researchers at Truist Financial from $216.00 to $208.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 36.08% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Stephens restated an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Barclays lifted their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 31st. Finally, Compass Point lifted their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $205.18.

The PNC Financial Services Group Trading Down 5.2 %

Shares of PNC opened at $152.85 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $184.93 and a 200 day moving average price of $191.73. The PNC Financial Services Group has a 12-month low of $143.52 and a 12-month high of $216.26. The firm has a market capitalization of $60.49 billion, a P/E 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 posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.16 EPS. Sell-side analysts forecast that The PNC Financial Services Group will post 15.37 EPS for the current year.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $174.78, for a total transaction of $217,076.76. Following the transaction, the chief executive officer now directly owns 564,815 shares in the company, valued at approximately $98,718,365.70. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 12,420 shares of company stock worth $2,320,739. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.0% during the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock worth $420,621,000 after buying an additional 22,271 shares during the period. IHT Wealth Management LLC raised its stake in The PNC Financial Services Group by 39.8% during the 3rd quarter. IHT Wealth Management LLC now owns 4,511 shares of the financial services provider’s stock valued at $826,000 after acquiring an additional 1,284 shares during the last quarter. Morse Asset Management Inc acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth approximately $481,000. Royal London Asset Management Ltd. grew its stake in shares of The PNC Financial Services Group by 2.1% in the 3rd quarter. Royal London Asset Management Ltd. now owns 354,252 shares of the financial services provider’s stock valued at $65,483,000 after purchasing an additional 7,349 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of The PNC Financial Services Group by 43.8% in the third quarter. Quarry LP now owns 417 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 127 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

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.