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 note issued to investors on Thursday. The brokerage presently has a $124.00 price target on the stock. Zacks Investment Research’s price target would indicate a potential upside of 12.18% from the stock’s previous close.
According to Zacks, “PNC Financial’s shares have outperformed the Zacks categorized Regional Banks-Major industry, year-to-date. We remain encouraged by the company’s efforts to generate positive operating leverage through its cost saving initiatives. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the fourth quarter. Though margin compression is expected to persist in absence of significant rise in interest rate and escalating costs stemming from legal hassles and stringent regulatory requirements will likely hurt the company’s profitability and business flexibility, we remain optimistic as the bank remains well positioned for top-line growth, supported by consistent growth in loans and deposits and fee income.”
Other equities analysts also recently issued reports about the stock. Deutsche Bank AG increased their price objective on shares of PNC Financial Services Group from $99.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. Vetr downgraded shares of PNC Financial Services Group from a “sell” rating to a “strong sell” rating and set a $95.30 price objective for the company. in a research note on Tuesday, November 15th. increased their price objective on shares of PNC Financial Services Group from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, September 23rd. Bank of America Corp. set a $100.00 price objective on shares of PNC Financial Services Group and gave the stock a “buy” rating in a research note on Wednesday, September 7th. Finally, Robert W. Baird reaffirmed an “outperform” rating on shares of PNC Financial Services Group in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $99.10.
Shares of PNC Financial Services Group (NYSE:PNC) opened at 110.54 on Thursday. PNC Financial Services Group has a 52-week low of $77.40 and a 52-week high of $112.07. The firm has a market capitalization of $53.78 billion, a P/E ratio of 15.37 and a beta of 0.82. The company’s 50-day moving average price is $98.79 and its 200-day moving average price is $89.39.
PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, October 14th. The company reported $1.84 EPS for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.06. PNC Financial Services Group had a net margin of 23.77% and a return on equity of 9.04%. The company earned $3.83 billion during the quarter. During the same quarter in the prior year, the company earned $1.90 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts expect that PNC Financial Services Group will post $7.16 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 7th. Shareholders of record on Monday, October 17th were given a $0.55 dividend. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a yield of 1.99%. PNC Financial Services Group’s dividend payout ratio is currently 30.51%.
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In other PNC Financial Services Group news, insider Robert Q. Reilly sold 22,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $95.49, for a total value of $2,100,780.00. Following the sale, the insider now owns 104,803 shares in the company, valued at $10,007,638.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph E. Rockey sold 16,400 shares of the firm’s stock in a transaction that occurred on Friday, October 21st. The shares were sold at an average price of $92.93, for a total transaction of $1,524,052.00. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of PNC. SevenBridge Financial Group LLC raised its stake in shares of PNC Financial Services Group by 70.6% in the third quarter. SevenBridge Financial Group LLC now owns 20,985 shares of the company’s stock worth $1,845,000 after buying an additional 8,687 shares in the last quarter. HighPoint Advisor Group LLC bought a new stake in shares of PNC Financial Services Group during the third quarter worth $904,000. D.A. Davidson & CO. raised its stake in shares of PNC Financial Services Group by 382.4% in the third quarter. D.A. Davidson & CO. now owns 11,109 shares of the company’s stock worth $997,000 after buying an additional 8,806 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in shares of PNC Financial Services Group during the third quarter worth $9,264,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of PNC Financial Services Group by 0.8% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,662,428 shares of the company’s stock worth $329,948,000 after buying an additional 28,810 shares in the last quarter. Hedge funds and other institutional investors own 80.90% of the company’s stock.
PNC Financial Services Group Company Profile
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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