TD Cowen Forecasts Strong Price Appreciation for The PNC Financial Services Group (NYSE:PNC) Stock

The PNC Financial Services Group (NYSE:PNC) had its target price increased by TD Cowen from $235.00 to $250.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price objective points to a potential upside of 14.36% from the stock’s current price.

PNC has been the subject of several other reports. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $215.00 to $228.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Barclays boosted their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday. UBS Group increased their price target on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Oppenheimer decreased their price objective on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a report on Wednesday, November 19th. Finally, Truist Financial increased their target price on The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $222.06.

The PNC Financial Services Group Trading Up 1.1%

Shares of PNC stock opened at $218.60 on Wednesday. The PNC Financial Services Group has a fifty-two week low of $145.12 and a fifty-two week high of $220.54. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50 day simple moving average of $198.75 and a two-hundred day simple moving average of $195.93. The company has a market cap of $85.73 billion, a P/E ratio of 14.12, a PEG ratio of 1.08 and a beta of 0.99.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter last year, the firm posted $3.49 EPS. The company’s quarterly revenue was up 8.9% on a year-over-year basis. Research analysts forecast that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by insiders.

Institutional Trading of The PNC Financial Services Group

Institutional investors and hedge funds have recently modified their holdings of the business. Brighton Jones LLC increased its position in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 984 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in The PNC Financial Services Group by 2.7% during the first quarter. Integrated Wealth Concepts LLC now owns 7,355 shares of the financial services provider’s stock valued at $1,293,000 after buying an additional 196 shares during the period. Kestra Investment Management LLC increased its holdings in The PNC Financial Services Group by 11.4% during the first quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider’s stock worth $99,000 after buying an additional 58 shares during the last quarter. MBB Public Markets I LLC purchased a new stake in The PNC Financial Services Group during the first quarter worth about $320,000. Finally, Empowered Funds LLC increased its holdings in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.