The PNC Financial Services Group (NYSE:PNC) Given New $184.00 Price Target at Royal Bank of Canada

The PNC Financial Services Group (NYSE:PNC) had its price objective lifted by Royal Bank of Canada from $155.00 to $184.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other brokerages have also commented on PNC. UBS Group upgraded shares of The PNC Financial Services Group from a neutral rating to a buy rating and upped their price objective for the stock from $165.00 to $179.00 in a report on Monday, July 8th. StockNews.com upgraded shares of The PNC Financial Services Group from a sell rating to a hold rating in a report on Wednesday, May 29th. Keefe, Bruyette & Woods restated an underperform rating and issued a $152.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $169.00 to $185.00 and gave the stock a neutral rating in a report on Wednesday. Finally, The Goldman Sachs Group increased their price target on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a neutral rating in a research note on Monday, April 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of Hold and an average target price of $175.34.

The PNC Financial Services Group Trading Down 0.3 %

Shares of PNC opened at $175.51 on Wednesday. The stock has a market capitalization of $69.84 billion, a P/E ratio of 14.74, a PEG ratio of 2.27 and a beta of 1.15. The company has a quick ratio of 0.85, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The firm has a fifty day simple moving average of $158.03 and a two-hundred day simple moving average of $154.25. The PNC Financial Services Group has a twelve month low of $109.40 and a twelve month high of $180.97.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the prior year, the company posted $3.36 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, research analysts anticipate that The PNC Financial Services Group will post 12.95 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be paid a dividend of $1.60 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the completion of the sale, the chief executive officer now directly owns 564,637 shares in the company, valued at approximately $90,341,920. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the sale, the chief executive officer now directly owns 564,637 shares in the company, valued at approximately $90,341,920. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,419 shares of company stock worth $1,022,826. 0.42% of the stock is owned by corporate insiders.

Institutional Trading of The PNC Financial Services Group

A number of institutional investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of The PNC Financial Services Group by 4.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 205,279 shares of the financial services provider’s stock valued at $31,917,000 after acquiring an additional 8,202 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in The PNC Financial Services Group by 8.7% during the second quarter. Apollon Wealth Management LLC now owns 25,954 shares of the financial services provider’s stock valued at $4,035,000 after buying an additional 2,082 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in The PNC Financial Services Group by 11.9% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 12,507 shares of the financial services provider’s stock worth $1,945,000 after acquiring an additional 1,332 shares during the period. Western Wealth Management LLC boosted its stake in shares of The PNC Financial Services Group by 13.9% during the 2nd quarter. Western Wealth Management LLC now owns 1,970 shares of the financial services provider’s stock worth $306,000 after acquiring an additional 241 shares during the last quarter. Finally, Davis Investment Partners LLC increased its stake in shares of The PNC Financial Services Group by 35.4% in the 2nd quarter. Davis Investment Partners LLC now owns 7,609 shares of the financial services provider’s stock worth $1,283,000 after purchasing an additional 1,990 shares in the last quarter. 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.