The PNC Financial Services Group (NYSE:PNC) Given New $235.00 Price Target at Wells Fargo & Company

The PNC Financial Services Group (NYSE:PNC) had its target price increased by Wells Fargo & Company from $215.00 to $235.00 in a report issued on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

PNC has been the topic of several other reports. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group lowered their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Stephens raised their price target on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $186.96.

The PNC Financial Services Group Stock Performance

PNC stock traded down $0.28 during trading hours on Friday, reaching $207.68. The stock had a trading volume of 2,511,633 shares, compared to its average volume of 1,874,656. The stock has a market capitalization of $82.40 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 2.21 and a beta of 1.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50-day simple moving average of $188.25 and a 200 day simple moving average of $172.80. The PNC Financial Services Group has a fifty-two week low of $127.08 and a fifty-two week high of $214.19.

The PNC Financial Services Group (NYSE:PNC) last issued 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 net margin of 14.97% and a return on equity of 10.88%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $3.60 earnings per share. Analysts predict that The PNC Financial Services Group will post 13.46 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were paid a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.08%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total transaction of $227,497.14. Following the sale, the chief executive officer now directly owns 554,701 shares in the company, valued at $101,604,582.17. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction that occurred 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 sale, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,546 shares of company stock worth $5,277,493. Corporate insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds have recently added to or reduced their stakes in PNC. State Street Corp raised its holdings in The PNC Financial Services Group by 0.6% during the 3rd quarter. State Street Corp now owns 17,299,381 shares of the financial services provider’s stock worth $3,197,791,000 after purchasing an additional 100,573 shares during the last quarter. Capital International Investors boosted its holdings in The PNC Financial Services Group by 0.5% during the 1st quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock worth $2,556,195,000 after acquiring an additional 78,407 shares during the last quarter. Geode Capital Management LLC boosted its holdings in The PNC Financial Services Group by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider’s stock worth $1,541,155,000 after acquiring an additional 166,138 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider’s stock worth $746,772,000 after buying an additional 18,397 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of The PNC Financial Services Group by 6.8% in the 2nd quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock worth $544,335,000 after buying an additional 223,955 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

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.