The Goldman Sachs Group Cuts The PNC Financial Services Group (NYSE:PNC) Price Target to $180.00

The PNC Financial Services Group (NYSE:PNC) had its price target lowered by The Goldman Sachs Group from $189.00 to $180.00 in a research report released on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on PNC. Bank of America raised The PNC Financial Services Group from a neutral rating to a buy rating and increased their target price for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Morgan Stanley increased their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an underweight rating in a research note on Tuesday, July 30th. Evercore ISI increased their target price on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an outperform rating in a research note on Wednesday, July 17th. UBS Group increased their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a buy rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an underperform rating in a research note on Wednesday, July 17th. Two investment 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. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $176.90.

The PNC Financial Services Group Stock Down 0.2 %

The PNC Financial Services Group stock opened at $177.24 on Wednesday. The PNC Financial Services Group has a twelve month low of $109.40 and a twelve month high of $185.84. The stock has a 50 day moving average of $175.16 and a two-hundred day moving average of $161.77. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $70.45 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.96 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $3.36 EPS. As a group, research analysts expect that The PNC Financial Services Group will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the sale, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,263 shares of company stock worth $4,418,109. 0.42% of the stock is owned by insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

Hedge funds have recently made changes to their positions in the business. Capital International Investors boosted its holdings in The PNC Financial Services Group by 0.5% in the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock valued at $2,556,195,000 after acquiring an additional 78,407 shares during the last quarter. Norges Bank acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $1,039,481,000. Franklin Resources Inc. boosted its holdings in The PNC Financial Services Group by 165.4% in the fourth quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after acquiring an additional 3,046,226 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in The PNC Financial Services Group by 0.4% in the second quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider’s stock valued at $746,772,000 after acquiring an additional 18,397 shares during the last quarter. Finally, Capital Research Global Investors boosted its holdings in The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after acquiring an additional 778,264 shares during the last quarter. Institutional investors and hedge funds 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.