Truist Financial Begins Coverage on The PNC Financial Services Group (NYSE:PNC)

Truist Financial initiated coverage on shares of The PNC Financial Services Group (NYSE:PNC) in a research report released on Tuesday morning,Benzinga reports. The brokerage issued a hold rating and a $215.00 target price on the financial services provider’s stock.

Several other research analysts have also recently weighed in on PNC. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Stephens boosted their target price on 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. Citigroup raised their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a report on Monday, November 25th. Piper Sandler boosted their price objective on The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $203.29.

The PNC Financial Services Group Stock Down 0.1 %

Shares of PNC opened at $194.51 on Tuesday. The business’s 50 day simple moving average is $201.43 and its 200-day simple moving average is $185.29. The PNC Financial Services Group has a one year low of $139.69 and a one year high of $216.26. The company has a market capitalization of $77.18 billion, a P/E ratio of 16.44, a PEG ratio of 2.11 and a beta of 1.16. 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 PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period last year, the company posted $3.60 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $216.01, for a total value of $268,284.42. Following the completion of the transaction, the chief executive officer now owns 533,765 shares in the company, valued at $115,298,577.65. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction 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. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,030 shares of company stock worth $5,925,333. Corporate insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PNC. Valley Wealth Managers Inc. boosted its position in The PNC Financial Services Group by 20,000.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Y.D. More Investments Ltd bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $33,000. Capital Performance Advisors LLP acquired a new position in The PNC Financial Services Group during the third quarter worth $51,000. Quarry LP grew its position in The PNC Financial Services Group by 141.7% in the second quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 170 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in The PNC Financial Services Group by 231.6% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock valued at $58,000 after buying an additional 220 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

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.