The price target for the PNC Financial Services Group (NYSE:PNC) has been raised to $264.00 by Wells Fargo & Company, reflecting a positive outlook for the financial services provider. This increase, noted in a research report released on Tuesday, follows the firm’s current overweight rating on the stock.
Several other financial institutions have also adjusted their ratings and price targets for PNC in recent weeks. Truist Financial raised its price objective from $210.00 to $229.00, maintaining a “hold” rating as of December 18, 2023. Meanwhile, Oppenheimer reduced its target from $240.00 to $231.00, while issuing an “outperform” rating in a report dated November 19, 2023. Morgan Stanley increased its target from $186.00 to $206.00, designating the stock as “underweight” on September 29, 2023. Additionally, Keefe, Bruyette & Woods lifted their price objective from $228.00 to $247.00 and assigned a “market perform” rating. Citigroup also increased its target from $217.00 to $230.00, giving the stock a “buy” rating.
Analysts’ consensus on PNC’s stock indicates a “Moderate Buy” rating, with one analyst suggesting a Strong Buy, fifteen assigning a Buy rating, five holding, and one giving a Sell rating. According to data from MarketBeat, the average target price across these assessments stands at $231.00.
Current Stock Performance
On Tuesday, PNC shares opened at $221.98. The stock has experienced notable volatility, with a 52-week low of $145.12 and a high of $227.78. Key indicators include a 50-day simple moving average of $205.70 and a 200-day simple moving average of $198.05. The company’s market capitalization is currently $87.05 billion, with a price-to-earnings ratio of 13.38 and a beta value of 0.99.
In its latest earnings report on January 16, 2024, PNC posted earnings of $4.88 per share, exceeding analysts’ expectations of $4.23 by $0.65. The firm reported quarterly revenue of $6.07 billion, surpassing forecasted revenue of $5.90 billion, and showing a year-over-year earnings per share increase from $3.77 in the same quarter of the previous year. Analysts project that PNC will achieve an earnings per share of 15.37 for the current fiscal year.
Dividend Announcement and Insider Activity
Recently, PNC declared a quarterly dividend of $1.70, scheduled for payment on February 5, 2024. Shareholders of record as of January 20, 2024, will receive this dividend, which translates to an annualized dividend of $6.80 and a yield of 3.1%. The company’s payout ratio stands at 40.99%.
In addition to financial performance, insider transactions have drawn attention. Executive Vice President Michael Duane Thomas sold 1,000 shares of PNC stock on November 4, 2023, at an average price of $183.57, totaling $183,570.00. Following this transaction, Thomas’s holdings decreased by 14.70%, leaving him with 5,802 shares valued at approximately $1,065,073.14. Insider ownership accounts for 0.41% of the company’s total stock.
Institutional investors have been adjusting their positions in PNC as well. Brighton Jones LLC increased its stake by 32.2%, owning 4,041 shares valued at $779,000. Other notable changes include Empowered Funds LLC, which grew its holdings by 2.1%, and Sivia Capital Partners LLC, which increased its stake by 50.3%. In total, institutional investors currently hold 83.53% of PNC’s stock.
About The PNC Financial Services Group
The PNC Financial Services Group, headquartered in Pittsburgh, Pennsylvania, is a leading diversified financial services company. It offers a wide range of banking, lending, investment, and wealth management services. PNC operates an extensive network of retail branches and serves various clients, including individuals, small businesses, corporations, and governmental entities across the United States. The company’s core activities encompass consumer and business banking, mortgage lending, corporate banking, and asset management services.
