The PNC Financial Services Group (NYSE:PNC) Hits New 12-Month High After Analyst Upgrade

The PNC Financial Services Group, Inc. (NYSE:PNC) shares hit a new 52-week high on Monday after Citigroup raised their price target on the stock from $200.00 to $235.00. Citigroup currently has a buy rating on the stock. The PNC Financial Services Group traded as high as $214.20 and last traded at $213.81, with a volume of 85388 shares. The stock had previously closed at $210.07.

Other equities research analysts have also issued reports about the company. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Stephens boosted their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Evercore ISI increased their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group cut their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $189.15.

Insider Buying and Selling

In other news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now directly owns 38,649 shares in the company, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 27,788 shares of company stock valued at $5,573,027. Company insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Synovus Financial Corp lifted its position in shares of The PNC Financial Services Group by 3.7% in the 3rd quarter. Synovus Financial Corp now owns 14,232 shares of the financial services provider’s stock worth $2,631,000 after acquiring an additional 509 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in The PNC Financial Services Group by 86.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 34,446 shares of the financial services provider’s stock worth $6,367,000 after buying an additional 15,962 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in The PNC Financial Services Group by 3.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 97,908 shares of the financial services provider’s stock valued at $18,098,000 after buying an additional 3,595 shares during the period. Wealthquest Corp acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $212,000. Finally, TD Private Client Wealth LLC lifted its holdings in shares of The PNC Financial Services Group by 1.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 33,127 shares of the financial services provider’s stock worth $6,124,000 after acquiring an additional 327 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

The firm has a market capitalization of $85.01 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 2.20 and a beta of 1.13. The firm’s 50-day moving average price is $192.29 and its two-hundred day moving average price is $175.62. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $3.60 EPS. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is 54.10%.

The PNC Financial Services Group Company Profile

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.