The PNC Financial Services Group (NYSE:PNC) Given New $204.00 Price Target at Wells Fargo & Company

The PNC Financial Services Group (NYSE:PNC) had its price objective raised by Wells Fargo & Company from $194.00 to $204.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on the company. HSBC raised The PNC Financial Services Group from a reduce rating to a hold rating and raised their price objective for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. The Goldman Sachs Group lifted their price objective 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. UBS Group upgraded shares of The PNC Financial Services Group from a neutral rating to a buy rating and boosted their price objective for the company from $165.00 to $179.00 in a research report on Monday, July 8th. JPMorgan Chase & Co. lowered their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an overweight rating for the company in a report on Wednesday, May 1st. Finally, Evercore ISI upped their price target on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the company an outperform rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of Hold and a consensus price target of $175.34.

The PNC Financial Services Group Trading Down 0.3 %

PNC stock opened at $175.51 on Wednesday. The firm has a market cap of $69.84 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 2.27 and a beta of 1.15. The firm has a fifty day moving average price of $158.03 and a 200 day moving average price of $154.24. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.85 and a current ratio of 0.83. The PNC Financial Services Group has a fifty-two week low of $109.40 and a fifty-two week high of $180.97.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results 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 PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the previous year, the firm posted $3.36 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group will post 12.95 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be issued a $1.60 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.65%. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s payout ratio is presently 53.74%.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the sale, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 6,419 shares of company stock worth $1,022,826 in the last three months. Corporate insiders own 0.42% of the company’s stock.

Hedge Funds Weigh In On The PNC Financial Services Group

A number of large investors have recently added to or reduced their stakes in the company. First Citizens Bank & Trust Co. increased its position in shares of The PNC Financial Services Group by 1.4% during the second quarter. First Citizens Bank & Trust Co. now owns 7,515 shares of the financial services provider’s stock worth $1,168,000 after purchasing an additional 101 shares in the last quarter. Neo Ivy Capital Management acquired a new position in The PNC Financial Services Group during the 2nd quarter valued at about $3,694,000. Continuum Advisory LLC increased its position in The PNC Financial Services Group by 27.3% during the 2nd quarter. Continuum Advisory LLC now owns 401 shares of the financial services provider’s stock valued at $62,000 after buying an additional 86 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in The PNC Financial Services Group by 4.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 205,279 shares of the financial services provider’s stock worth $31,917,000 after acquiring an additional 8,202 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in The PNC Financial Services Group by 8.7% in the second quarter. Apollon Wealth Management LLC now owns 25,954 shares of the financial services provider’s stock worth $4,035,000 after acquiring an additional 2,082 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

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.