PNC Financial Services Group Inc. (PNC) Rating Lowered to Hold at Zacks Investment Research
PNC Financial Services Group Inc. (NYSE:PNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “PNC Financial’s estimates have been relatively stable ahead its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the third quarter. Further, the company remains focused on driving operational efficiency through its continued expense management. However, amid the still low rate environment, muted growth in net interest income and continued margin pressure remain key concerns. Also, stringent regulatory requirements and legal costs pose a near-term headwind.”
A number of other research analysts have also issued reports on the stock. Deutsche Bank AG reiterated a “buy” rating on shares of PNC Financial Services Group in a report on Wednesday, June 15th. Royal Bank Of Canada reiterated a “buy” rating on shares of PNC Financial Services Group in a report on Thursday, June 23rd. Jefferies Group reiterated a “hold” rating and issued a $91.00 price objective on shares of PNC Financial Services Group in a report on Thursday, July 7th. Nomura upgraded shares of PNC Financial Services Group from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $95.00 to $84.00 in a report on Thursday, July 7th. Finally, Vetr lowered shares of PNC Financial Services Group from a “strong-buy” rating to a “buy” rating and set a $89.00 price objective for the company. in a report on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eleven have assigned a buy rating to the company. PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $96.65.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/pnc-financial-services-group-inc-pnc-rating-lowered-to-hold-at-zacks-investment-research.html
PNC Financial Services Group (NYSE:PNC) opened at 89.83 on Thursday. The company has a market cap of $44.14 billion, a price-to-earnings ratio of 12.39 and a beta of 0.91. PNC Financial Services Group has a 52 week low of $77.40 and a 52 week high of $97.50. The firm has a 50-day moving average of $89.68 and a 200-day moving average of $86.15.
PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, July 15th. The company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.07. The firm earned $3.79 billion during the quarter. PNC Financial Services Group had a net margin of 24.32% and a return on equity of 9.22%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period last year, the company posted $1.88 EPS. Equities analysts forecast that PNC Financial Services Group will post $7.10 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 7th. Stockholders of record on Monday, October 17th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Thursday, October 13th. PNC Financial Services Group’s payout ratio is 30.26%.
In other news, Director Daniel Hesse acquired 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was bought at an average price of $82.44 per share, with a total value of $41,220.00. Following the acquisition, the director now owns 1,100 shares in the company, valued at approximately $90,684. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael J. Hannon sold 33,000 shares of PNC Financial Services Group stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $86.49, for a total value of $2,854,170.00. Following the completion of the sale, the insider now directly owns 87,573 shares of the company’s stock, valued at approximately $7,574,188.77. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Iowa State Bank purchased a new stake in shares of PNC Financial Services Group during the second quarter valued at $114,000. 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 worth $139,000 after buying an additional 1,055 shares during the last quarter. M&R Capital Management Inc. bought a new position in PNC Financial Services Group during the second quarter worth $146,000. Enterprise Financial Services Corp raised its position in PNC Financial Services Group by 5.8% in the second quarter. Enterprise Financial Services Corp now owns 1,797 shares of the company’s stock worth $146,000 after buying an additional 99 shares during the last quarter. Finally, Ropes Wealth Advisors LLC raised its position in PNC Financial Services Group by 113.7% in the first quarter. Ropes Wealth Advisors LLC now owns 1,947 shares of the company’s stock worth $165,000 after buying an additional 1,036 shares during the last quarter. 80.22% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PNC Financial Services Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.