PNC Financial Services Group, Inc. (The) (NYSE:PNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, July 4th. The firm currently has a $140.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 5.92% from the company’s current price.

According to Zacks, “PNC Financial’s shares outperformed the Zacks categorized Regional Banks-Major industry, over the last six months. We remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Further, its deal to acquire the commercial and vendor finance business of ECN Capital is expected to be marginally accretive to earnings in 2017. Also, ease of regulations is likely to support profitability.  Though the company increased its prime lending rate to 4.25% following the latest Fed rate hike, however, margin pressure is not expected to ease drastically in the upcoming quarters. Nevertheless, Fed's approval of 2017 capital plan depicts the bank's financial stability.”

Several other equities research analysts have also recently weighed in on PNC. Jefferies Group LLC reiterated a “hold” rating and issued a $136.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, April 5th. Hilliard Lyons upgraded PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and dropped their price objective for the stock from $127.00 to $123.00 in a report on Monday, April 17th. Rafferty Capital Markets cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 price objective for the company. in a report on Monday, April 17th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Finally, Piper Jaffray Companies dropped their price objective on PNC Financial Services Group, Inc. (The) from $136.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, April 18th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $122.75.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded up 1.27% during midday trading on Tuesday, reaching $132.17. The company’s stock had a trading volume of 2,399,514 shares. The company has a market capitalization of $63.44 billion, a P/E ratio of 16.82 and a beta of 0.93. PNC Financial Services Group, Inc. has a 12-month low of $82.17 and a 12-month high of $132.67. The company’s 50-day moving average price is $125.42 and its 200 day moving average price is $122.60.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter last year, the business posted $1.82 EPS. The business’s revenue was up 7.0% on a year-over-year basis. On average, equities research analysts forecast that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

PNC Financial Services Group, Inc. (The) announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the sale, the insider now owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Federated Investors Inc. PA raised its stake in PNC Financial Services Group, Inc. (The) by 27.9% in the second quarter. Federated Investors Inc. PA now owns 703,058 shares of the financial services provider’s stock worth $87,790,000 after buying an additional 153,251 shares during the last quarter. Cadence Capital Management LLC raised its stake in PNC Financial Services Group, Inc. (The) by 2.9% in the second quarter. Cadence Capital Management LLC now owns 18,500 shares of the financial services provider’s stock worth $2,310,000 after buying an additional 522 shares during the last quarter. Pax World Management LLC raised its stake in PNC Financial Services Group, Inc. (The) by 8.6% in the second quarter. Pax World Management LLC now owns 3,800 shares of the financial services provider’s stock worth $475,000 after buying an additional 300 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in PNC Financial Services Group, Inc. (The) by 1.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 745,765 shares of the financial services provider’s stock worth $93,124,000 after buying an additional 8,068 shares during the last quarter. Finally, Marshall Wace North America L.P. acquired a new stake in PNC Financial Services Group, Inc. (The) during the second quarter worth approximately $1,037,000. 81.64% of the stock is owned by institutional investors and hedge funds.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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