The Goldman Sachs Group Has Lowered Expectations for The PNC Financial Services Group (NYSE:PNC) Stock Price

The PNC Financial Services Group (NYSE:PNC) had its price target reduced by research analysts at The Goldman Sachs Group from $180.00 to $172.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 12.11% from the company’s previous close.

Several other equities research analysts also recently issued reports on PNC. Truist Financial dropped their price target on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research note on Wednesday. Stephens reaffirmed an “equal weight” rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Keefe, Bruyette & Woods lowered their price target on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating for the company in a research report on Wednesday. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their target price for the company from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $200.94.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded down $0.37 during trading hours on Wednesday, hitting $153.42. The company’s stock had a trading volume of 524,432 shares, compared to its average volume of 1,976,806. The PNC Financial Services Group has a twelve month low of $143.52 and a twelve month high of $216.26. The stock has a market cap of $60.72 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.55 and a beta of 1.04. The business has a fifty day moving average of $176.47 and a 200-day moving average of $189.78. 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 PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.50 billion. As a group, equities research analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current year.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, April 11th. The shares were sold at an average price of $150.63, for a total transaction of $96,553.83. Following the transaction, the chief executive officer now directly owns 562,932 shares of the company’s stock, valued at $84,794,447.16. This trade represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders sold 13,061 shares of company stock valued at $2,373,424. Company insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock valued at $7,273,794,000 after buying an additional 268,827 shares during the period. Franklin Resources Inc. boosted its position in The PNC Financial Services Group by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider’s stock valued at $2,089,622,000 after purchasing an additional 549,278 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock worth $1,453,763,000 after acquiring an additional 726,115 shares in the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,352,151,000. Finally, Northern Trust Corp increased its holdings in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider’s stock worth $905,530,000 after acquiring an additional 608,375 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

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.