J P Morgan Chase & Co Reaffirms “Overweight” Rating for PNC Financial Services Group Inc (PNC)
J P Morgan Chase & Co reaffirmed their overweight rating on shares of PNC Financial Services Group Inc (NYSE:PNC) in a research note published on Friday. J P Morgan Chase & Co currently has a $139.50 target price on the financial services provider’s stock, up from their prior target price of $138.50.
Other analysts have also recently issued reports about the company. Zacks Investment Research cut PNC Financial Services Group from a buy rating to a hold rating in a research report on Monday, July 10th. Jefferies Group LLC restated a hold rating and set a $136.00 price objective on shares of PNC Financial Services Group in a research report on Thursday, June 8th. Keefe, Bruyette & Woods restated a hold rating and set a $129.00 price objective on shares of PNC Financial Services Group in a research report on Friday, July 14th. Nomura boosted their price objective on PNC Financial Services Group from $126.00 to $129.00 and gave the company a neutral rating in a research report on Monday, July 17th. Finally, Morgan Stanley restated an equal weight rating and set a $127.00 price objective (up from $121.00) on shares of PNC Financial Services Group in a research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. PNC Financial Services Group has a consensus rating of Hold and a consensus target price of $128.90.
PNC Financial Services Group (NYSE PNC) opened at 135.61 on Friday. PNC Financial Services Group has a 52 week low of $87.34 and a 52 week high of $136.92. The company has a market capitalization of $64.99 billion, a PE ratio of 17.26 and a beta of 0.95. The company’s 50-day moving average price is $129.49 and its 200 day moving average price is $124.73.
PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. PNC Financial Services Group had a return on equity of 8.96% and a net margin of 27.07%. PNC Financial Services Group’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.82 earnings per share. On average, equities research analysts anticipate that PNC Financial Services Group will post $8.41 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, November 5th. Shareholders of record on Tuesday, October 17th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Monday, October 16th. PNC Financial Services Group’s dividend payout ratio is currently 38.12%.
PNC Financial Services Group declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $2.70 billion in outstanding 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 usually an indication that the company’s board believes its shares are undervalued.
In other PNC Financial Services Group news, insider Wyk Steven C. Van sold 5,000 shares of the business’s 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael J. Hannon sold 24,111 shares of the business’s 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 transaction, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. Fulton Bank N.A. boosted its stake in PNC Financial Services Group by 19.8% in the third quarter. Fulton Bank N.A. now owns 6,807 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 1,125 shares in the last quarter. Eqis Capital Management Inc. acquired a new position in shares of PNC Financial Services Group during the third quarter valued at $516,000. Bridges Investment Management Inc. lifted its stake in shares of PNC Financial Services Group by 32.0% during the third quarter. Bridges Investment Management Inc. now owns 2,267 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 550 shares during the period. Intl Fcstone Inc. acquired a new position in shares of PNC Financial Services Group during the second quarter valued at $678,000. Finally, Griffin Asset Management Inc. acquired a new position in shares of PNC Financial Services Group during the second quarter valued at $3,152,000. 80.80% of the stock is currently owned by institutional investors.
About PNC Financial Services Group
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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