PNC Financial Services Group (NYSE:PNC) Price Target Cut to $136.00

PNC Financial Services Group (NYSE:PNC) had its price objective lowered by Morgan Stanley from $142.00 to $136.00 in a research report sent to investors on Monday, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on PNC. UBS Group set a $169.00 price target on shares of M&T Bank and gave the stock a hold rating in a research note on Tuesday, April 2nd. ValuEngine cut shares of Acceleron Pharma from a strong-buy rating to a buy rating in a research note on Thursday, April 18th. Zacks Investment Research cut shares of Hope Bancorp from a strong-buy rating to a hold rating in a research note on Tuesday, March 26th. Finally, Barclays raised their price target on shares of Zimmer Biomet from $113.00 to $117.00 and gave the stock an underweight rating in a research note on Monday, April 15th. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $142.99.

Shares of PNC opened at $141.46 on Monday. The company has a market cap of $63.22 billion, a PE ratio of 13.21, a P/E/G ratio of 1.63 and a beta of 1.09. PNC Financial Services Group has a twelve month low of $108.45 and a twelve month high of $147.23. The business’s 50 day simple moving average is $134.62. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.23.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $2.61 earnings per share for the quarter, hitting the consensus estimate of $2.61. The company had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.24 billion. PNC Financial Services Group had a net margin of 25.93% and a return on equity of 11.20%. During the same period last year, the business earned $2.43 EPS. Equities research analysts forecast that PNC Financial Services Group will post 11.35 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Friday, July 19th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Thursday, July 18th. This is an increase from PNC Financial Services Group’s previous quarterly dividend of $0.95. PNC Financial Services Group’s dividend payout ratio is presently 35.48%.

In other news, insider Joseph E. Rockey sold 6,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $135.00, for a total value of $810,000.00. Following the completion of the sale, the insider now owns 24,747 shares of the company’s stock, valued at approximately $3,340,845. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.37% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of PNC Financial Services Group in the 1st quarter valued at approximately $25,000. Field & Main Bank acquired a new stake in shares of PNC Financial Services Group in the 1st quarter valued at approximately $25,000. IMA Wealth Inc. acquired a new stake in shares of PNC Financial Services Group in the 1st quarter valued at approximately $25,000. Penserra Capital Management LLC acquired a new stake in shares of PNC Financial Services Group in the 1st quarter valued at approximately $25,000. Finally, Executive Wealth Management LLC acquired a new stake in shares of PNC Financial Services Group in the 4th quarter valued at approximately $29,000. 80.31% of the stock is owned by institutional investors.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Analyst Recommendations for PNC Financial Services Group (NYSE:PNC)

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