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

Analysts at Truist Financial started coverage on shares of The PNC Financial Services Group (NYSE:PNC) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “hold” rating and a $215.00 price target on the financial services provider’s stock. Truist Financial’s target price indicates a potential upside of 10.06% from the company’s previous close.

Other analysts also recently issued reports about the company. Compass Point boosted their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler boosted their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Barclays increased their price objective on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday. Citigroup lifted their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $203.29.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $195.35 on Tuesday. 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 has a 1-year low of $139.69 and a 1-year high of $216.26. The stock has a market cap of $77.51 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 2.11 and a beta of 1.16. The firm has a fifty day moving average price of $201.08 and a 200 day moving average price of $184.87.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.60 EPS. As a group, sell-side analysts anticipate that The PNC Financial Services Group will post 13.45 EPS for the current year.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 14,509 shares of the 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 completion of the transaction, the director now directly owns 38,649 shares in the company, valued at $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $190.57, for a total transaction of $236,687.94. Following the transaction, the chief executive officer now directly owns 546,007 shares of the company’s stock, valued at $104,052,553.99. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,272 shares of company stock worth $6,155,103 over the last ninety days. Company insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its position in The PNC Financial Services Group by 12,940.0% in the 3rd quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after purchasing an additional 532,871 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of The PNC Financial Services Group by 160.9% during the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock worth $129,836,000 after acquiring an additional 433,178 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of The PNC Financial Services Group by 152.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after acquiring an additional 276,200 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in The PNC Financial Services Group by 88.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 585,431 shares of the financial services provider’s stock valued at $108,217,000 after purchasing an additional 274,186 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after purchasing an additional 262,654 shares during 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 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.