Truist Financial Cuts The PNC Financial Services Group (NYSE:PNC) Price Target to $189.00

The PNC Financial Services Group (NYSE:PNC - Free Report) had its target price lowered by Truist Financial from $208.00 to $189.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the financial services provider's stock.

Several other brokerages have also commented on PNC. Citigroup cut their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Stephens reissued an "equal weight" rating and set a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. The Goldman Sachs Group dropped their target price on The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Finally, Morgan Stanley reduced their price target on The PNC Financial Services Group from $188.00 to $179.00 and set an "underweight" rating for the company in a research report on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $200.88.

The PNC Financial Services Group Trading Up 0.3 %

The PNC Financial Services Group stock traded up $0.51 during mid-day trading on Wednesday, hitting $152.05. The company's stock had a trading volume of 3,564,375 shares, compared to its average volume of 1,989,650. The PNC Financial Services Group has a one year low of $145.12 and a one year high of $216.26. The stock has a market cap of $60.17 billion, a PE ratio of 11.06, a P/E/G ratio of 1.55 and a beta of 1.04. The company has a 50 day moving average of $173.63 and a 200-day moving average of $189.09. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. On average, research analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th will be paid a dividend of $1.60 per share. The ex-dividend date is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 4.21%. The PNC Financial Services Group's payout ratio is currently 45.20%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $202.11, for a total transaction of $251,020.62. Following the completion of the sale, the chief executive officer now owns 522,587 shares of the company's stock, valued at $105,620,058.57. The trade was a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 11,819 shares of company stock valued at $2,127,508 in the last ninety days. Company insiders own 0.41% of the company's stock.

Institutional Trading of The PNC Financial Services Group

Several large investors have recently made changes to their positions in PNC. Norges Bank acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $1,352,151,000. Leigh Baldwin & CO. LLC purchased a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $299,864,000. GAMMA Investing LLC boosted its position in The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after purchasing an additional 1,143,079 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of The PNC Financial Services Group by 166.1% during the 4th quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after purchasing an additional 860,554 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock valued at $1,453,763,000 after purchasing an additional 726,115 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

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.