The Goldman Sachs Group Boosts The PNC Financial Services Group (NYSE:PNC) Price Target to $196.00

The PNC Financial Services Group (NYSE:PNC) had its target price boosted by The Goldman Sachs Group from $178.00 to $196.00 in a research report issued to clients and investors 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 indicates a potential upside of 0.46% from the stock’s current price.

PNC has been the topic of a number of other reports. Barclays reduced their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Truist Financial decreased their price target on The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley dropped their price target on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a report on Wednesday, April 16th. Citigroup reduced their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Finally, TD Cowen initiated coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They set a “buy” rating and a $233.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $206.35.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $195.10 on Wednesday. The stock’s fifty day simple moving average is $175.10 and its 200 day simple moving average is $180.09. The PNC Financial Services Group has a one year low of $145.12 and a one year high of $216.26. The firm has a market cap of $77.18 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.65 and a beta of 1.07. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.50 billion. On average, analysts expect that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Martin Pfinsgraff acquired 1,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, April 25th. The shares were purchased at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the purchase, the director directly owned 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 10,787 shares of company stock valued at $1,782,794 in the last ninety days. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in The PNC Financial Services Group during the fourth quarter worth about $1,352,151,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after purchasing an additional 1,964,157 shares in the last quarter. Nuveen LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $306,905,000. Leigh Baldwin & CO. LLC bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $299,864,000. Finally, GAMMA Investing LLC raised its holdings in The PNC Financial Services Group by 19,279.5% during the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider’s stock worth $201,961,000 after buying an additional 1,143,079 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

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.