PNC Financial Services Group Inc. (NYSE:PNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday.
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 research firms have also recently commented on PNC. Vetr cut shares of PNC Financial Services Group from a “sell” rating to a “strong sell” rating and set a $95.30 target price for the company. in a research note on Tuesday, November 15th. RBC Capital Markets restated a “buy” rating and set a $95.00 price objective on shares of PNC Financial Services Group in a research note on Thursday, November 3rd. Barclays PLC restated a “hold” rating and set a $97.00 price objective on shares of PNC Financial Services Group in a research note on Tuesday, October 11th. Raymond James Financial Inc. upgraded shares of PNC Financial Services Group from an “underperform” rating to a “market perform” rating in a research note on Thursday, October 6th. Finally, Nomura cut shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research note on Monday, October 10th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $97.33.
Shares of PNC Financial Services Group (NYSE:PNC) traded up 0.84% during trading on Tuesday, hitting $112.07. 1,016,051 shares of the company were exchanged. The firm has a market capitalization of $54.52 billion, a PE ratio of 15.58 and a beta of 0.82. The firm’s 50-day moving average price is $97.52 and its 200 day moving average price is $88.99. PNC Financial Services Group has a 12 month low of $77.40 and a 12 month high of $112.07.
PNC Financial Services Group (NYSE:PNC) last released its earnings results on Friday, October 14th. The company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.06. The company 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 firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the business earned $1.90 earnings per share. On average, equities research analysts expect that PNC Financial Services Group will post $7.16 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 7th. Stockholders of record on Monday, October 17th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $2.20 annualized dividend and a dividend yield of 1.98%. PNC Financial Services Group’s payout ratio is 30.51%.
In other PNC Financial Services Group news, insider Joseph E. Rockey sold 16,400 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Q. Reilly sold 22,000 shares of the company’s 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 transaction, the insider now directly owns 104,803 shares in the company, valued at approximately $10,007,638.47. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of PNC. BKS Advisors LLC bought a new position in PNC Financial Services Group during the third quarter worth approximately $113,000. Iowa State Bank bought a new position in PNC Financial Services Group during the second quarter worth approximately $114,000. Quadrant Capital Group LLC boosted its position in PNC Financial Services Group by 3.9% in the third quarter. Quadrant Capital Group LLC now owns 1,379 shares of the company’s stock worth $118,000 after buying an additional 52 shares during the last quarter. Concannon Wealth Management LLC bought a new position in PNC Financial Services Group during the third quarter worth approximately $135,000. Finally, Barrett Asset Management LLC boosted its position in PNC Financial Services Group by 162.3% in the second quarter. Barrett Asset Management LLC now owns 1,705 shares of the company’s stock worth $139,000 after buying an additional 1,055 shares during the last quarter. 80.37% of the stock is currently owned by institutional investors.
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.