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

Today, The Zacks Investment Research Downgraded PNC Financial Services Group Inc. (PNC) to Hold

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

According to Zacks, “We remain encouraged by PNC Financial's efforts to generate positive operating leverage through its cost saving initiatives. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the fourth quarter. Also, 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 compression is expected to persist in absence of significant rise in interest rate. Further, escalating costs stemming from legal hassles and stringent regulatory requirements remain near-term headwinds to the company’s profitability and flexibility in business operations.”

Several other research analysts have also recently weighed in on the stock. Vetr cut shares of PNC Financial Services Group from a sell rating to a strong sell rating and set a $95.30 price target on the stock. in a research note on Tuesday, November 15th. RBC Capital Markets restated a buy rating and set a $95.00 target price on shares of PNC Financial Services Group in a research note on Thursday, November 3rd. Argus upgraded shares of PNC Financial Services Group from a hold rating to a buy rating and lifted their target price for the company from $88.03 to $98.00 in a research note on Monday, October 17th. Barclays PLC restated a hold rating and set a $97.00 target price on shares of PNC Financial Services Group in a research note on Tuesday, October 11th. 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 research 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. PNC Financial Services Group has a consensus rating of Hold and a consensus price target of $97.20.

Shares of PNC Financial Services Group (NYSE:PNC) opened at 109.80 on Thursday. PNC Financial Services Group has a 52-week low of $77.40 and a 52-week high of $112.07. The stock has a market capitalization of $53.42 billion, a price-to-earnings ratio of 15.27 and a beta of 0.82. The firm’s 50-day moving average is $98.79 and its 200 day moving average is $89.39.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 14th. The company reported $1.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.06. The business had revenue of $3.83 billion for the quarter. PNC Financial Services Group had a net margin of 23.77% and a return on equity of 9.04%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.90 EPS. Equities analysts expect 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 given a $0.55 dividend. The ex-dividend date was Thursday, October 13th. This represents a $2.20 annualized dividend and a yield of 1.99%. PNC Financial Services Group’s dividend payout ratio (DPR) is 30.51%.

In other PNC Financial Services Group news, CEO William S. Demchak sold 179,809 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $107.61, for a total value of $19,349,246.49. Following the completion of the sale, the chief executive officer now directly owns 531,755 shares of the company’s stock, valued at approximately $57,222,155.55. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Joseph E. Rockey sold 16,400 shares of the business’s stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $92.93, for a total transaction of $1,524,052.00. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. bought a new stake in PNC Financial Services Group during the second quarter valued at about $126,658,000. TIAA CREF Investment Management LLC boosted its stake in shares of PNC Financial Services Group by 95.3% in the third quarter. TIAA CREF Investment Management LLC now owns 3,134,850 shares of the company’s stock valued at $282,419,000 after buying an additional 1,529,524 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of PNC Financial Services Group by 22.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,709,313 shares of the company’s stock valued at $627,462,000 after buying an additional 1,395,872 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of PNC Financial Services Group by 1,098.6% in the second quarter. Cohen & Steers Inc. now owns 1,371,150 shares of the company’s stock valued at $156,339,000 after buying an additional 1,256,750 shares during the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of PNC Financial Services Group by 15,925.5% in the third quarter. Toronto Dominion Bank now owns 1,018,421 shares of the company’s stock valued at $91,750,000 after buying an additional 1,012,066 shares during the last quarter. 80.90% of the stock is owned by institutional investors.

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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