Zacks Investment Research upgraded shares of PNC Financial Services Group Inc. (NYSE:PNC) from a hold rating to a buy rating in a research report released on Tuesday. The brokerage currently has $124.00 price target on the stock.
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 fee income. However, margin pressure is expected to continue in absence of notable rise in interest rate. Also, rising costs stemming from legal hassles and strict regulatory requirements remain near-term headwinds to the company’s profitability and flexibility in business operations.”
A number of other analysts have also issued reports on PNC. Stephens raised PNC Financial Services Group from an equal weight rating to an overweight rating and set a $100.00 price target on the stock in a research note on Monday, August 1st. Robert W. Baird restated an outperform rating on shares of PNC Financial Services Group in a research report on Thursday, August 4th. Keefe, Bruyette & Woods restated an outperform rating and issued a $96.00 target price on shares of PNC Financial Services Group in a research report on Wednesday, August 31st. Vetr downgraded PNC Financial Services Group from a buy rating to a hold rating and set a $90.00 target price on the stock. in a research report on Wednesday, August 31st. Finally, Bank of America Corp. set a $100.00 target price on PNC Financial Services Group and gave the company a buy rating in a research report on Wednesday, September 7th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the stock. PNC Financial Services Group presently has a consensus rating of Hold and a consensus price target of $97.33.
PNC Financial Services Group (NYSE:PNC) opened at 111.14 on Tuesday. The firm has a 50-day moving average price of $97.52 and a 200 day moving average price of $88.99. The company has a market cap of $54.07 billion, a P/E ratio of 15.45 and a beta of 0.82. PNC Financial Services Group has a 12 month low of $77.40 and a 12 month high of $111.97.
PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 14th. The company reported $1.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.06. The firm had revenue of $3.83 billion for the quarter. PNC Financial Services Group had a return on equity of 9.04% and a net margin of 23.77%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 earnings per share. Equities research analysts predict that PNC Financial Services Group will post $7.16 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 7th. Shareholders of record on Monday, October 17th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.98%. The ex-dividend date was Thursday, October 13th. PNC Financial Services Group’s dividend payout ratio is presently 30.51%.
In other news, CEO William S. Demchak sold 179,809 shares of the stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $107.61, for a total transaction of $19,349,246.49. Following the completion of the transaction, the chief executive officer now directly owns 531,755 shares of the company’s stock, valued at approximately $57,222,155.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joseph E. Rockey sold 16,400 shares of the stock in a transaction that occurred on Friday, October 21st. The stock was sold at an average price of $92.93, for a total value of $1,524,052.00. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Springbok Capital Management LLC acquired a new position in shares of PNC Financial Services Group during the first quarter worth about $267,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of PNC Financial Services Group during the first quarter worth about $270,000. Eachwin Capital LP acquired a new position in shares of PNC Financial Services Group during the first quarter worth about $423,000. Babson Capital Management LLC increased its position in shares of PNC Financial Services Group by 12.4% in the first quarter. Babson Capital Management LLC now owns 45,199 shares of the company’s stock worth $3,822,000 after buying an additional 5,000 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of PNC Financial Services Group during the first quarter worth about $4,213,000. 80.37% of the stock is owned by institutional investors and hedge funds.
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.