Trade Report: Today, PNC Financial Services Group Inc. (PNC) Downgraded by Zacks Investment Research

Today, PNC Financial Services Group Inc. (PNC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of PNC Financial Services Group Inc. (NYSE:PNC) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “PNC Financial’s estimates have been relatively stable ahead its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the third quarter. Further, the company remains focused on driving operational efficiency through its continued expense management. However, amid the still low rate environment, muted growth in net interest income and continued margin pressure remain key concerns. Also, stringent regulatory requirements and legal costs pose a near-term headwind.”

PNC has been the topic of a number of other reports. BMO Capital Markets upgraded PNC Financial Services Group from a market perform rating to an outperform rating and lifted their price target for the company from $94.00 to $101.00 in a research note on Monday, September 19th. They noted that the move was a valuation call. Vetr upgraded PNC Financial Services Group from a hold rating to a buy rating and set a $94.63 price target on the stock in a research note on Wednesday, October 12th. Jefferies Group restated a hold rating and issued a $94.00 price target (up from $88.00) on shares of PNC Financial Services Group in a research note on Monday, September 26th. Barclays PLC restated a hold rating and issued a $97.00 price target on shares of PNC Financial Services Group in a research note on Tuesday, October 11th. Finally, Raymond James Financial Inc. upgraded PNC Financial Services Group from an underperform rating to a market perform rating in a research note on Thursday, October 6th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $96.71.

Shares of PNC Financial Services Group (NYSE:PNC) opened at 88.21 on Thursday. The stock has a market capitalization of $43.35 billion, a PE ratio of 12.17 and a beta of 0.91. The firm has a 50-day moving average price of $89.85 and a 200 day moving average price of $86.23. PNC Financial Services Group has a one year low of $77.40 and a one year high of $97.50.

PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Friday, October 14th. The company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.06. PNC Financial Services Group had a return on equity of 8.92% and a net margin of 23.77%. The company had revenue of $3.83 billion for the quarter. During the same quarter last year, the business posted $1.90 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts expect that PNC Financial Services Group will post $7.10 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Monday, October 17th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Thursday, October 13th. PNC Financial Services Group’s dividend payout ratio (DPR) is 30.51%.

In other PNC Financial Services Group news, Director Daniel Hesse acquired 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was acquired at an average cost of $82.44 per share, with a total value of $41,220.00. Following the acquisition, the director now directly owns 1,100 shares of the company’s stock, valued at approximately $90,684. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael J. Hannon sold 33,000 shares of the stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $86.49, for a total value of $2,854,170.00. Following the completion of the transaction, the insider now directly owns 87,573 shares of the company’s stock, valued at $7,574,188.77. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of PNC. Iowa State Bank purchased a new position in shares of PNC Financial Services Group during the second quarter worth about $114,000. Barrett Asset Management LLC raised its position in shares of 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. Enterprise Financial Services Corp raised its position in shares of PNC Financial Services Group by 5.8% in the second quarter. Enterprise Financial Services Corp now owns 1,797 shares of the company’s stock worth $146,000 after buying an additional 99 shares during the last quarter. M&R Capital Management Inc. purchased a new position in shares of PNC Financial Services Group during the second quarter worth about $146,000. Finally, NEXT Financial Group Inc raised its position in shares of PNC Financial Services Group by 42.8% in the second quarter. NEXT Financial Group Inc now owns 2,006 shares of the company’s stock worth $163,000 after buying an additional 601 shares during the last quarter. 80.28% 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.

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