PNC Financial Services Group (NYSE:PNC) had its target price boosted by JPMorgan Chase & Co. from $137.50 to $142.00 in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the financial services provider’s stock.
Several other analysts also recently issued reports on the stock. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a hold rating in a research report on Monday. Zacks Investment Research downgraded shares of Hope Bancorp from a strong-buy rating to a hold rating in a research report on Tuesday, March 26th. ValuEngine downgraded shares of Acceleron Pharma from a strong-buy rating to a buy rating in a research report on Thursday, April 18th. Barclays increased their price objective on shares of Zimmer Biomet from $113.00 to $117.00 and gave the company an underweight rating in a research report on Monday, April 15th. Finally, UBS Group set a $169.00 price objective on shares of M&T Bank and gave the company a hold rating in a research report on Tuesday, April 2nd. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $142.99.
Shares of NYSE:PNC opened at $141.46 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.88 and a quick ratio of 0.88. PNC Financial Services Group has a 52-week low of $108.45 and a 52-week high of $147.23. The firm has a 50 day moving average price of $134.62. The firm has a market capitalization of $63.22 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 1.63 and a beta of 1.09.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Friday, July 19th will be paid a dividend of $1.15 per share. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. This represents a $4.60 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio is 35.48%.
In other news, insider Joseph E. Rockey sold 6,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $135.00, for a total transaction of $810,000.00. Following the completion of the transaction, the insider now directly owns 24,747 shares in the company, valued at approximately $3,340,845. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PNC. Norges Bank purchased a new position in shares of PNC Financial Services Group during the 4th quarter valued at approximately $550,507,000. FMR LLC boosted its stake in shares of PNC Financial Services Group by 32.7% during the 4th quarter. FMR LLC now owns 10,859,988 shares of the financial services provider’s stock valued at $1,269,641,000 after buying an additional 2,677,895 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of PNC Financial Services Group by 13.7% during the 4th quarter. American Century Companies Inc. now owns 3,996,313 shares of the financial services provider’s stock valued at $467,209,000 after buying an additional 481,885 shares during the last quarter. Hexavest Inc. bought a new position in PNC Financial Services Group during the second quarter worth $53,247,000. Finally, Geode Capital Management LLC lifted its stake in PNC Financial Services Group by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock worth $647,356,000 after purchasing an additional 323,714 shares during the last quarter. Institutional investors own 80.31% of the company’s stock.
About PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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