Zacks Investment Research Downgrades PNC Financial Services Group Inc. (PNC) to Hold
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 to investors 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.”
Other equities analysts also recently issued research reports about the company. Deutsche Bank AG restated a “buy” rating on shares of PNC Financial Services Group in a research report on Wednesday, June 29th. Royal Bank Of Canada restated a “buy” rating on shares of PNC Financial Services Group in a research report on Thursday, June 23rd. Nomura upgraded PNC Financial Services Group from a “neutral” rating to a “buy” rating and cut their target price for the stock from $95.00 to $84.00 in a research report on Thursday, July 7th. Vetr downgraded PNC Financial Services Group from a “strong-buy” rating to a “buy” rating and set a $89.00 target price for the company. in a research report on Thursday, July 7th. Finally, FBR & Co restated a “buy” rating on shares of PNC Financial Services Group in a research report on Monday, July 18th. 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 stock. The company presently has an average rating of “Hold” and an average target price of $96.65.
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Shares of PNC Financial Services Group (NYSE:PNC) opened at 89.83 on Thursday. The firm 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 one year low of $77.40 and a one year high of $97.50. The stock has a 50 day moving average price of $89.68 and a 200 day moving average price of $86.15.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, July 15th. The company reported $1.82 EPS for the quarter, topping the Zacks’ consensus estimate of $1.75 by $0.07. PNC Financial Services Group had a return on equity of 9.22% and a net margin of 24.32%. The company earned $3.79 billion during the quarter. During the same quarter in the prior year, the business posted $1.88 EPS. PNC Financial Services Group’s revenue was down 1.9% compared to the same quarter last year. On average, equities research analysts forecast that PNC Financial Services Group will post $7.10 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 7th. Stockholders of record on Monday, October 17th will be issued a $0.55 dividend. The ex-dividend date is Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.43%. PNC Financial Services Group’s dividend payout ratio (DPR) is 30.26%.
In related news, Director Daniel Hesse bought 500 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The shares were acquired at an average price of $82.44 per share, for a total transaction of $41,220.00. Following the completion of the acquisition, the director now owns 1,100 shares of the company’s stock, valued at approximately $90,684. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael J. Hannon sold 33,000 shares of the company’s 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 sale, the insider now owns 87,573 shares in the company, valued at approximately $7,574,188.77. The disclosure for this sale can be found here. 0.57% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. RNC Capital Management LLC increased its position in shares of PNC Financial Services Group by 0.5% in the second quarter. RNC Capital Management LLC now owns 222,243 shares of the company’s stock worth $18,088,000 after buying an additional 1,150 shares during the period. Huntington National Bank increased its position in shares of PNC Financial Services Group by 14.6% in the second quarter. Huntington National Bank now owns 275,683 shares of the company’s stock worth $22,438,000 after buying an additional 35,206 shares during the period. AMP Capital Investors Ltd increased its position in shares of PNC Financial Services Group by 12.8% in the first quarter. AMP Capital Investors Ltd now owns 415,678 shares of the company’s stock worth $35,477,000 after buying an additional 47,014 shares during the period. Suntrust Banks Inc. increased its position in shares of PNC Financial Services Group by 0.3% in the second quarter. Suntrust Banks Inc. now owns 471,355 shares of the company’s stock worth $38,362,000 after buying an additional 1,600 shares during the period. Finally, Natixis acquired a new position in shares of PNC Financial Services Group during the first quarter worth $46,162,000. Institutional investors and hedge funds own 80.22% of the company’s stock.
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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