PNC Financial Services Group Inc. (PNC) Stock Rating Upgraded by Zacks Investment Research
PNC Financial Services Group Inc. (NYSE:PNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $121.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.93% from the company’s previous close.
According to Zacks, “PNC Financial's third-quarter 2016 earnings beat the Zacks Consensus Estimate. Results were aided by higher revenues, partially offset by increased expense and provisions. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the fourth quarter. The company also remains focused on its cost saving initiatives. We remain optimistic as the bank remains well positioned for top-line growth, supported by consistent growth in loans and deposits and diverse fee income. However, amid the low rate environment, margin pressure lingers.”
Other research analysts have also recently issued research reports about the stock. Argus began coverage on shares of PNC Financial Services Group in a report on Monday, July 18th. They issued a “hold” rating for the company. Vetr cut shares of PNC Financial Services Group from a “sell” rating to a “strong sell” rating and set a $95.30 price target for the company. in a report on Tuesday. Piper Jaffray Cos. reiterated an “overweight” rating and set a $97.00 price target (up previously from $96.00) on shares of PNC Financial Services Group in a report on Monday, July 18th. Barclays PLC lowered their price target on shares of PNC Financial Services Group from $100.00 to $97.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $94.00 price target on shares of PNC Financial Services Group in a report on Monday, July 18th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $97.40.
PNC Financial Services Group (NYSE:PNC) opened at 108.10 on Tuesday. PNC Financial Services Group has a 12-month low of $77.40 and a 12-month high of $109.17. The stock has a market cap of $52.59 billion, a PE ratio of 15.03 and a beta of 0.82. The firm has a 50 day moving average of $92.94 and a 200-day moving average of $87.69.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, October 14th. The company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.06. The firm earned $3.83 billion during the quarter. PNC Financial Services Group had a net margin of 23.77% and a return on equity of 9.04%. The company’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $1.90 EPS. On average, analysts expect that PNC Financial Services Group will post $7.16 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 7th. Investors of record on Monday, October 17th were paid a $0.55 dividend. The ex-dividend date was Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a yield of 2.04%. PNC Financial Services Group’s payout ratio is 30.51%.
In related news, insider Joseph E. Rockey sold 16,400 shares of the stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $92.93, for a total value of $1,524,052.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert Q. Reilly sold 22,000 shares of the stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $95.49, for a total transaction of $2,100,780.00. Following the completion of the sale, the insider now directly owns 104,803 shares in the company, valued at $10,007,638.47. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of PNC. Vanguard Group Inc. raised its position in PNC Financial Services Group by 1.0% in the second quarter. Vanguard Group Inc. now owns 31,475,705 shares of the company’s stock worth $2,561,807,000 after buying an additional 320,794 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in PNC Financial Services Group by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 12,985,424 shares of the company’s stock worth $1,169,857,000 after buying an additional 269,614 shares during the period. JPMorgan Chase & Co. raised its position in PNC Financial Services Group by 8.0% in the second quarter. JPMorgan Chase & Co. now owns 11,262,005 shares of the company’s stock worth $916,614,000 after buying an additional 833,923 shares during the period. Massachusetts Financial Services Co. MA raised its position in PNC Financial Services Group by 22.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,709,313 shares of the company’s stock worth $627,462,000 after buying an additional 1,395,872 shares during the period. Finally, American Century Companies Inc. raised its position in PNC Financial Services Group by 15.6% in the second quarter. American Century Companies Inc. now owns 6,655,625 shares of the company’s stock worth $541,701,000 after buying an additional 897,284 shares during the period. 80.88% of the stock is currently owned by hedge funds and other institutional investors.
About PNC Financial Services Group
The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.
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