Zacks Investment Research upgraded shares of PNC Financial Services Group (NYSE:PNC) from a hold rating to a buy rating in a research report released on Tuesday, December 26th. Zacks Investment Research currently has $164.00 price objective on the financial services provider’s stock.
According to Zacks, “Shares of PNC Financial have outperformed the industry, so far, this year. The performance has been supported by the company’s impressive earnings surprise history. It hasn’t missed the Zacks Consensus Estimate for earnings in any of the trailing four quarters. We remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Its deal to acquire the commercial and vendor finance business of ECN Capital is anticipated to be marginally accretive to earnings in 2017. Recently, following the Fed interest rate hike, the company has increased its lending rate to 4.50%. However, the company’s capital deployment activities do not seem sustainable and a stretched valuation reflects limited upside potential.”
PNC has been the topic of several other reports. Nomura boosted their target price on shares of PNC Financial Services Group from $132.00 to $135.00 and gave the stock a neutral rating in a research report on Monday, October 23rd. Robert W. Baird restated a buy rating and set a $135.00 target price on shares of PNC Financial Services Group in a research report on Monday, August 28th. JPMorgan Chase & Co. restated an overweight rating and set a $139.50 target price (up from $138.50) on shares of PNC Financial Services Group in a research report on Friday, October 6th. Sanford C. Bernstein restated a market perform rating and set a $134.00 target price on shares of PNC Financial Services Group in a research report on Tuesday, October 3rd. Finally, Citigroup reiterated a neutral rating and issued a $144.00 price objective (up from $125.00) on shares of PNC Financial Services Group in a research report on Monday, October 9th. Seventeen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $141.08.
Shares of PNC Financial Services Group (PNC) opened at $151.84 on Tuesday. The firm has a market cap of $72,250.00, a P/E ratio of 18.49, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90. PNC Financial Services Group has a 1-year low of $113.66 and a 1-year high of $153.50. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.24.
PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 11th. The financial services provider reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.09. PNC Financial Services Group had a net margin of 24.61% and a return on equity of 9.29%. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.15 billion. During the same period last year, the firm posted $1.97 EPS. PNC Financial Services Group’s quarterly revenue was up 10.0% on a year-over-year basis. sell-side analysts expect that PNC Financial Services Group will post 8.43 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 5th. Stockholders of record on Wednesday, January 17th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Tuesday, January 16th. PNC Financial Services Group’s dividend payout ratio is currently 22.53%.
In other news, insider Karen L. Larrimer sold 3,135 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $136.98, for a total transaction of $429,432.30. Following the completion of the transaction, the insider now owns 20,449 shares of the company’s stock, valued at approximately $2,801,104.02. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert Q. Reilly sold 19,576 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $145.51, for a total transaction of $2,848,503.76. Following the transaction, the insider now directly owns 103,299 shares of the company’s stock, valued at approximately $15,031,037.49. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,523 shares of company stock valued at $15,392,168. Corporate insiders own 0.43% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Proficio Capital Partners LLC grew its holdings in shares of PNC Financial Services Group by 1,365.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 710 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of PNC Financial Services Group by 12.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 821 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 91 shares during the period. First Interstate Bank grew its holdings in shares of PNC Financial Services Group by 2.6% during the 2nd quarter. First Interstate Bank now owns 982 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 25 shares during the period. Atlantic Trust LLC purchased a new stake in shares of PNC Financial Services Group during the 2nd quarter worth about $129,000. Finally, Legacy Advisors LLC purchased a new stake in shares of PNC Financial Services Group during the 3rd quarter worth about $136,000. 81.49% of the stock is owned by institutional investors.
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About PNC Financial Services Group
The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.
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