The PNC Financial Services Group Inc. (PNC) Stock Rating Upgrade by The Zacks Investment Research

The PNC Financial Services Group Inc. (PNC) Stock Rating Upgrade by The Zacks Investment Research

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 sent to investors 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.”

Several other research firms have also commented on PNC. Raymond James Financial Inc. raised shares of PNC Financial Services Group from an underperform rating to a market perform rating in a research report on Thursday, October 6th. Argus raised shares of PNC Financial Services Group from a hold rating to a buy rating and increased their price target for the company from $88.03 to $98.00 in a research report on Monday, October 17th. Robert W. Baird reissued an outperform rating on shares of PNC Financial Services Group in a research report on Thursday, August 4th. RBC Capital Markets reissued a buy rating and set a $95.00 price target on shares of PNC Financial Services Group in a research report on Thursday, November 3rd. Finally, Stephens raised shares of PNC Financial Services Group from an equal weight rating to an overweight rating and set a $100.00 price target for the company in a research report on Monday, August 1st. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. PNC Financial Services Group presently has an average rating of Hold and a consensus target price of $97.20.

Shares of PNC Financial Services Group (NYSE:PNC) opened at 112.07 on Tuesday. The company’s 50-day moving average is $98.27 and its 200 day moving average is $89.18. The company has a market capitalization of $54.52 billion, a price-to-earnings ratio of 15.58 and a beta of 0.82. 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 quarterly earnings results on Friday, October 14th. The company reported $1.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.06. The business 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 business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 earnings per share. On average, equities research analysts anticipate that PNC Financial Services Group will post $7.16 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 7th. Shareholders of record on Monday, October 17th were issued a $0.55 dividend. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a yield of 1.96%. PNC Financial Services Group’s payout ratio is currently 30.51%.

In other news, insider Robert Q. Reilly sold 22,000 shares of PNC Financial Services Group stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $95.49, for a total transaction of $2,100,780.00. Following the transaction, the insider now owns 104,803 shares in the company, valued at approximately $10,007,638.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 82,500 shares of PNC Financial Services Group stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $95.31, for a total value of $7,863,075.00. Following the transaction, the chief executive officer now owns 476,255 shares in the company, valued at approximately $45,391,864.05. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.

Several 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 valued at approximately $113,000. Quadrant Capital Group LLC raised 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 valued at $118,000 after buying an additional 52 shares in the last quarter. Iowa State Bank bought a new position in PNC Financial Services Group during the second quarter valued at approximately $114,000. Concannon Wealth Management LLC bought a new position in PNC Financial Services Group during the third quarter valued at approximately $135,000. Finally, Barrett Asset Management LLC raised 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 valued at $139,000 after buying an additional 1,055 shares in the last quarter. Institutional investors and hedge funds own 80.90% of the company’s stock.

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.

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