PNC Financial Services Group Inc. (PNC) Rating Lowered to Hold at Vetr Inc.
PNC Financial Services Group Inc. (NYSE:PNC) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a report released on Thursday. They currently have a $94.63 target price on the stock. Vetr‘s target price points to a potential upside of 3.51% from the stock’s previous close.
A number of other analysts have also recently commented on the stock. Jefferies Group restated a “hold” rating and set a $94.00 price target (up from $88.00) on shares of PNC Financial Services Group in a research note on Monday, September 26th. Credit Agricole SA increased their target price on shares of PNC Financial Services Group from $86.00 to $92.00 and gave the stock an “underperform” rating in a research note on Friday, September 23rd. BMO Capital Markets upgraded shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $94.00 to $101.00 in a research note on Monday, September 19th. They noted that the move was a valuation call. Bank of America Corp. set a $100.00 target price on shares of PNC Financial Services Group and gave the stock a “buy” rating in a research note on Wednesday, September 7th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $96.00 target price on shares of PNC Financial Services Group in a research note on Wednesday, August 31st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the stock. PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $96.65.
PNC Financial Services Group (NYSE:PNC) traded down 0.44% during mid-day trading on Thursday, hitting $91.42. 2,081,672 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $89.22 and its 200-day moving average price is $86.03. The stock has a market cap of $44.92 billion, a PE ratio of 12.61 and a beta of 0.91. PNC Financial Services Group has a 12 month low of $77.40 and a 12 month high of $97.50.
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PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, July 15th. The company reported $1.82 EPS for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.07. The company had revenue of $3.79 billion for the quarter. PNC Financial Services Group had a net margin of 24.32% and a return on equity of 9.22%. The business’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 earnings per share. Equities analysts expect that PNC Financial Services Group will post $7.10 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Monday, October 17th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a yield of 2.41%. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 30.26%.
In related news, insider Michael J. Hannon sold 33,000 shares of PNC Financial Services Group stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $86.49, for a total transaction 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 approximately $7,574,188.77. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Daniel Hesse purchased 500 shares of the stock in a transaction that occurred on Thursday, July 21st. The shares were acquired at an average cost of $82.44 per share, with a total value of $41,220.00. Following the completion of the transaction, the director now owns 1,100 shares in the company, valued at $90,684. The disclosure for this purchase can be found here. Corporate insiders own 0.57% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Foundry Partners LLC boosted its position in shares of PNC Financial Services Group by 9.4% in the third quarter. Foundry Partners LLC now owns 86,250 shares of the company’s stock worth $7,770,000 after buying an additional 7,400 shares during the period. Cardinal Capital Management Inc. raised its stake in PNC Financial Services Group by 2.5% in the third quarter. Cardinal Capital Management Inc. now owns 134,769 shares of the company’s stock worth $12,141,000 after buying an additional 3,305 shares in the last quarter. Fulton Bank N.A. raised its stake in PNC Financial Services Group by 0.7% in the third quarter. Fulton Bank N.A. now owns 5,866 shares of the company’s stock worth $529,000 after buying an additional 39 shares in the last quarter. Washington Trust Bank raised its stake in PNC Financial Services Group by 4.3% in the third quarter. Washington Trust Bank now owns 27,308 shares of the company’s stock worth $2,460,000 after buying an additional 1,124 shares in the last quarter. Finally, LVM Capital Management Ltd. MI raised its stake in PNC Financial Services Group by 1,496.3% in the third quarter. LVM Capital Management Ltd. MI now owns 83,325 shares of the company’s stock worth $7,420,000 after buying an additional 78,105 shares in the last quarter. 80.21% 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.
To view Vetr’s full report, visit Vetr’s official website.
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