The price target for the PNC Financial Services Group (NYSE: PNC) has been raised from $252.00 to $264.00 by Wells Fargo & Company, reflecting growing confidence in the financial services provider’s performance. This adjustment was noted in a research report released on Tuesday, signaling an overweight rating on PNC’s stock.
Several other brokerage firms have recently evaluated PNC, contributing to a positive outlook. Truist Financial increased its price target from $210.00 to $229.00, designating a “hold” rating on December 18, 2023. Oppenheimer adjusted its target from $240.00 to $231.00, maintaining an “outperform” rating in a report published on November 19, 2023. Morgan Stanley also raised its price target from $186.00 to $206.00, although it assigned an “underweight” rating in its analysis on September 29, 2023.
Additionally, Keefe, Bruyette & Woods lifted their target from $228.00 to $247.00 and rated the stock as “market perform.” Citigroup also increased its price target from $217.00 to $230.00, providing a “buy” rating in a report dated September 23, 2023. Overall, one analyst rated the stock as a Strong Buy, while fifteen assigned a Buy rating, five designated it as a Hold, and one issued a Sell rating. According to data from MarketBeat, PNC currently holds a consensus rating of “Moderate Buy” with an average target price of $231.00.
Stock Performance and Financial Results
On Tuesday, shares of PNC opened at $221.98. The company has experienced a 52-week low of $145.12 and a high of $227.78. The 50-day simple moving average stands at $205.70, with a 200-day average of $198.05. PNC’s market capitalization is approximately $87.05 billion, with a price-to-earnings ratio of 13.38 and a price-to-earnings-growth ratio of 0.94. The financial services provider reports a debt-to-equity ratio of 0.94, alongside quick and current ratios of 0.81.
PNC recently released its earnings results for the quarter ending January 16, 2024. The company reported earnings per share (EPS) of $4.88, surpassing analysts’ consensus estimates of $4.23 by $0.65. This result marks a return on equity of 11.87% and a net margin of 20.40%. Revenue for the quarter reached $6.07 billion, exceeding analyst predictions of $5.90 billion and reflecting a 9.1% increase compared to the same period last year. Analysts forecast an EPS of 15.37 for the current fiscal year.
Dividend Announcement and Insider Activity
PNC has also announced a quarterly dividend of $1.70, which will be paid on February 5, 2024. Investors recorded on January 20, 2024, will be eligible for this dividend. This action represents an annualized dividend of $6.80, yielding 3.1% based on the current stock price. The company’s payout ratio stands at 40.99%.
In related news, EVP Michael Duane Thomas sold 1,000 shares of PNC stock on November 4, 2023, at an average price of $183.57, totaling $183,570. Following this transaction, Thomas retains 5,802 shares valued at approximately $1,065,073.14, reflecting a 14.70% decrease in his ownership. This transaction was disclosed in a filing with the Securities and Exchange Commission.
Institutional Investor Activity
Recent modifications in holdings by institutional investors indicate a strong interest in PNC. Brighton Jones LLC increased its stake by 32.2% during the fourth quarter, now holding 4,041 shares valued at $779,000 after acquiring an additional 984 shares. Empowered Funds LLC grew its holdings by 2.1% in the first quarter, owning 8,261 shares worth $1,452,000 after purchasing an extra 170 shares.
Sivia Capital Partners LLC raised its position by 50.3%, now owning 4,331 shares valued at $807,000, while Farther Finance Advisors LLC increased its stake by 49.9%, owning 9,695 shares worth $1,807,000 after acquiring an additional 3,228 shares. Park Avenue Securities LLC also lifted its stake by 7.4%, holding 11,360 shares valued at $2,118,000. Currently, approximately 83.53% of PNC stock is owned by institutional investors.
The PNC Financial Services Group, headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company offering a wide range of banking, lending, investment, and wealth management services. Its operations encompass consumer and business banking, residential mortgage lending, corporate and institutional banking, and asset management.
