PNC Financial Services Group Given Neutral Rating at Zacks (PNC)
PNC Financial Services Group (NYSE:PNC)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Friday. They currently have a $89.00 price objective on the stock. Zacks‘s price objective indicates a potential upside of 5.26% from the stock’s previous close.
Zacks’ analyst wrote, “PNC Financial’s second-quarter 2014 earnings outpaced the Zacks Consensus Estimate. Results were aided by lower provision for credit losses and declining expenses. Moreover, improved credit quality and strong capital ratios acted as the tailwinds. We believe that PNC Financial is well positioned to grow, given its diverse revenue mix, balance sheet strengthening efforts, strategic acquisitions and solid capital levels. Moreover, the company’s acquisition of RBC Bank (USA) was accretive to its earnings, excluding integration costs. However, a tepid economic recovery, a persistent low interest rate environment and increased regulatory headwinds remain concerns.”
Shares of PNC Financial Services Group (NYSE:PNC) traded up 0.01% on Friday, hitting $84.56. The stock had a trading volume of 990,609 shares. PNC Financial Services Group has a 52 week low of $70.63 and a 52 week high of $90.00. The stock’s 50-day moving average is $84.21 and its 200-day moving average is $84.3. The company has a market cap of $45.710 billion and a P/E ratio of 11.50.
PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 16th. The company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.07. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.81 billion. During the same quarter in the previous year, the company posted $1.99 earnings per share. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts expect that PNC Financial Services Group will post $7.12 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Barclays reiterated an “equal weight” rating on shares of PNC Financial Services Group in a research note on Thursday, July 17th. They now have a $89.00 price target on the stock, up previously from $85.00. Separately, analysts at Credit Suisse reiterated a “neutral” rating on shares of PNC Financial Services Group in a research note on Thursday, July 17th. They now have a $92.00 price target on the stock, down previously from $95.00. Finally, analysts at Portales Partners downgraded shares of PNC Financial Services Group from an “outperform” rating to a “sector perform” rating in a research note on Thursday, July 17th. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $92.39.
The PNC Financial Services Group, Inc (NYSE:PNC) is a financial service company.
To view Zacks’ full report, visit Zacks’ official website.
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