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

The PNC Financial Services Group (NYSE:PNC) had its price objective raised by stock analysts at Citigroup from $280.00 to $290.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target would indicate a potential upside of 15.83% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Oppenheimer lifted their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their target price on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a research note on Monday, July 6th. Royal Bank Of Canada upped their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, UBS Group increased their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.50.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $250.37 on Monday. The PNC Financial Services Group has a 12-month low of $176.88 and a 12-month high of $256.49. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The firm has a 50-day moving average price of $234.58 and a 200 day moving average price of $224.11. The firm has a market capitalization of $100.54 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.66 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the company earned $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. Research analysts anticipate that The PNC Financial Services Group will post 19.14 earnings per share for the current fiscal year.

Insider Activity

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Several large investors have recently made changes to their positions in PNC. Vanguard Group Inc. boosted its stake in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares during the last quarter. State Street Corp boosted its position in The PNC Financial Services Group by 0.4% during the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after purchasing an additional 77,302 shares during the last quarter. Capital International Investors boosted its position in The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank bought a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its stake in The PNC Financial Services Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after purchasing an additional 30,078 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

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.