Royal Bank of Canada Cuts The PNC Financial Services Group (NYSE:PNC) Price Target to $195.00

The PNC Financial Services Group (NYSE:PNC) had its target price lowered by investment analysts at Royal Bank of Canada from $205.00 to $195.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price indicates a potential upside of 27.10% from the stock’s previous close.

Several other research firms have also recently weighed in on PNC. Hsbc Global Res raised The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. Morgan Stanley decreased their price target on The PNC Financial Services Group from $188.00 to $179.00 and set an “underweight” rating for the company in a research note on Monday, April 7th. Truist Financial lowered their target price on shares of The PNC Financial Services Group from $208.00 to $189.00 and set a “hold” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group decreased their target price on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $200.94.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded down $0.37 during mid-day trading on Wednesday, reaching $153.42. The company’s stock had a trading volume of 524,432 shares, compared to its average volume of 1,976,806. The PNC Financial Services Group has a 1-year low of $143.52 and a 1-year high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50-day moving average is $176.47 and its two-hundred day moving average is $189.78. The company has a market cap of $60.72 billion, a P/E ratio of 11.16, a PEG ratio of 1.55 and a beta of 1.04.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. On average, research analysts predict that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $196.17, for a total value of $243,643.14. Following the completion of the sale, the chief executive officer now directly owns 523,829 shares in the company, valued at $102,759,534.93. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 13,061 shares of company stock valued at $2,373,424 over the last quarter. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of The PNC Financial Services Group

A number of hedge funds have recently bought and sold shares of PNC. Principal Financial Group Inc. increased its holdings in The PNC Financial Services Group by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider’s stock worth $420,621,000 after acquiring an additional 22,271 shares in the last quarter. Morse Asset Management Inc bought a new stake in The PNC Financial Services Group during the third quarter valued at about $481,000. Wealthquest Corp purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth about $212,000. Wilmington Savings Fund Society FSB boosted its stake in The PNC Financial Services Group by 86.4% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 34,446 shares of the financial services provider’s stock worth $6,367,000 after purchasing an additional 15,962 shares during the period. Finally, Synovus Financial Corp raised its position in shares of The PNC Financial Services Group by 3.7% during the third quarter. Synovus Financial Corp now owns 14,232 shares of the financial services provider’s stock valued at $2,631,000 after buying an additional 509 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

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.