RBC Capital Reiterates Outperform Recommendation for PNC Financial Services Group
According to a report by Fintel, RBC Capital reiterated its coverage of PNC Financial Services Group (NYSE:PNC) with an Outperform recommendation on September 29, 2023. This suggests that RBC Capital believes the stock has the potential to outperform the market.
One-Year Analyst Price Forecast Indicates 17.68% Upside
As of August 31, 2023, the average one-year price target for PNC Financial Services Group is $144.48. This forecast indicates a potential upside of 17.68% from the latest reported closing price of $122.77. The price targets range from a low of $113.12 to a high of $184.80.
Projected Annual Revenue and EPS
The projected annual revenue for PNC Financial Services Group is $23,502 million, which represents an increase of 10.97%. Additionally, the projected annual non-GAAP EPS is $16.20.
Fund Sentiment and Shareholder Activity
There are currently 2,261 funds or institutions reporting positions in PNC Financial Services Group. This reflects a decrease of 4.40% or 104 owners in the last quarter. The average portfolio weight of all funds dedicated to PNC is 0.33%, down by 8.30%. However, total shares owned by institutions have increased by 1.60% in the last three months to 384,352 million shares. The put/call ratio of PNC is 0.78, indicating a bullish outlook.
Shareholder Activity of Key Institutions
Wellington Management Group Llp holds 13,743 million shares, representing 3.45% ownership of the company. This indicates an increase of 42.92% compared to its prior filing. The firm has increased its portfolio allocation in PNC by 65.66% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 12,463 million shares, representing 3.13% ownership of the company. This indicates a slight increase of 0.70% compared to its prior filing. The firm has decreased its portfolio allocation in PNC by 7.92% over the last quarter.
Jpmorgan Chase holds 10,609 million shares, representing 2.66% ownership of the company. This indicates an increase of 8.85% compared to its prior filing. The firm has increased its portfolio allocation in PNC by 672.34% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 9,503 million shares, representing 2.39% ownership of the company. This indicates a slight increase of 1.53% compared to its prior filing. The firm has decreased its portfolio allocation in PNC by 8.85% over the last quarter.
Price T Rowe Associates holds 8,926 million shares, representing 2.24% ownership of the company. This indicates an increase of 4.76% compared to its prior filing. The firm has increased its portfolio allocation in PNC by 118.51% over the last quarter.
Background Information on PNC Financial Services Group
PNC Financial Services Group is one of the largest diversified financial services institutions in the United States. The company focuses on building strong relationships and delivering retail and business banking services, including lending products and specialized services for corporations and government entities. PNC also offers wealth management and asset management services.
About Fintel
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