HSBC Upgrades The PNC Financial Services Group (NYSE:PNC) to “Buy”

The PNC Financial Services Group (NYSE:PNC) was upgraded by HSBC from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat.com reports. The brokerage currently has a $202.00 price target on the financial services provider’s stock, down from their previous price target of $206.00. HSBC’s price objective points to a potential upside of 15.71% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Truist Financial boosted their price target on The PNC Financial Services Group from $215.00 to $216.00 and gave the company a “hold” rating in a research note on Friday, January 17th. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Compass Point upped their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Barclays raised their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $204.12.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $174.58 on Monday. The PNC Financial Services Group has a 12-month low of $143.52 and a 12-month high of $216.26. The business’s fifty day simple moving average is $186.98 and its 200-day simple moving average is $192.18. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The company has a market cap of $69.09 billion, a PE ratio of 12.70, a PEG ratio of 1.55 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the company earned $3.16 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts expect that The PNC Financial Services Group will post 15.37 earnings per share for the current fiscal year.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $192.88, for a total value of $239,556.96. Following the completion of the sale, the chief executive officer now owns 526,313 shares of the company’s stock, valued at approximately $101,515,251.44. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 13,662 shares of company stock valued at $2,559,389. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PNC. MassMutual Private Wealth & Trust FSB increased its stake in The PNC Financial Services Group by 7.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 34,436 shares of the financial services provider’s stock worth $6,053,000 after acquiring an additional 2,448 shares during the last quarter. 111 Capital purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $672,000. NorthCrest Asset Manangement LLC lifted its stake in The PNC Financial Services Group by 7.7% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 4,245 shares of the financial services provider’s stock worth $819,000 after purchasing an additional 302 shares in the last quarter. Park Square Financial Group LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $68,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at $48,559,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Company Profile

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.