The PNC Financial Services Group (NYSE:PNC) has seen its price target raised from $210.00 to $229.00 by analysts at Truist Financial. This adjustment, announced on October 12, 2023, reflects the firm’s “hold” rating on the financial services provider’s stock. The new target suggests a potential upside of 8.48% from the stock’s previous closing price.
Other financial institutions have also revised their price targets for The PNC Financial Services Group. UBS Group increased its target from $224.00 to $229.00, assigning a “buy” rating in a report released on October 7, 2023. Similarly, Raymond James Financial raised its target price from $220.00 to $225.00, giving the stock an “outperform” rating on September 19, 2023.
Moreover, Wells Fargo & Company adjusted its price target from $230.00 to $240.00, maintaining an “overweight” rating as of October 3, 2023. Additionally, Evercore ISI increased its target from $220.00 to $230.00, also rating the stock as “outperform” on September 30, 2023. Lastly, Keefe, Bruyette & Woods raised its price objective from $215.00 to $228.00, categorizing the stock as “market perform.”
Analysts’ sentiments towards The PNC Financial Services Group are generally positive, with one analyst issuing a “Strong Buy” rating, fifteen assigning a “Buy” rating, five giving a “Hold” rating, and one assigning a “Sell” rating. According to data from MarketBeat.com, the average rating stands at “Moderate Buy” with an average target price of $219.11.
Recent Performance Highlights
The PNC Financial Services Group recently reported its quarterly earnings on October 15, 2023. The company announced earnings per share (EPS) of $4.35, surpassing analysts’ expectations of $4.05 by $0.30. The firm achieved a return on equity of 11.47% and a net margin of 19.30%. Revenue for the quarter reached $5.92 billion, exceeding predictions of $5.82 billion. Compared to the same period last year, the company’s revenue increased by 8.9%.
Analysts anticipate that The PNC Financial Services Group will report an EPS of $15.37 for the current financial year.
Insider Trading Activity
In related developments, insider trading activity has been noted within the company. On November 4, 2023, Executive Vice President Michael Duane Thomas sold 1,000 shares at an average price of $183.57, resulting in a total transaction value of $183,570.00. Following this sale, Thomas’s ownership in the company decreased by 14.70%, leaving him with 5,802 shares valued at approximately $1,065,073.14.
Additionally, Executive Vice President Guild Deborah sold 1,080 shares on October 24, 2023, at an average price of $186.97, equating to a total transaction of $201,927.60. This transaction reduced her ownership by 3.80%, leaving her with 27,335 shares valued at about $5,110,824.95. Currently, insiders hold 0.41% of the company’s stock.
Institutional Investor Trends
Institutional investors have also been active in adjusting their holdings of The PNC Financial Services Group. Brighton Jones LLC increased its stake by 32.2% in the fourth quarter, now owning 4,041 shares valued at approximately $779,000.
Additionally, Banco Bilbao Vizcaya Argentaria S.A. raised its position by 3.3% in the first quarter, now holding 41,798 shares valued at $7,346,000. EntryPoint Capital LLC more than doubled its holdings by 107.7% during the same period, acquiring 2,511 shares valued at $441,000.
T. Rowe Price Investment Management Inc. increased its stake by 37.8%, owning 120,798 shares valued at $21,233,000 following the acquisition of an additional 33,107 shares. Finally, PGIM Custom Harvest LLC raised its position by 68.9%, now holding 1,990 shares valued at $350,000.
Overall, institutional investors and hedge funds own approximately 83.53% of The PNC Financial Services Group’s stock, indicating strong institutional confidence in the company’s performance and future prospects.
