PNC Financial Services Group Inc. (PNC) Raised to “Buy” at Zacks Investment Research
PNC Financial Services Group Inc. (NYSE:PNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $99.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.23% from the stock’s current price.
According to Zacks, “PNC Financial’s third-quarter 2016 earnings beat the Zacks Consensus Estimate. Results were aided by higher revenues, partially offset by increased expense and provisions. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the fourth quarter. The company also remains focused on its cost saving initiatives. We remain optimistic as the bank remains well positioned for top-line growth, supported by consistent growth in loans and deposits and diverse fee income. However, amid the low rate environment, margin pressure lingers.”
Several other brokerages have also recently weighed in on PNC. Barclays PLC reissued a “hold” rating and issued a $97.00 price objective on shares of PNC Financial Services Group in a research note on Tuesday, October 11th. Raymond James Financial Inc. raised shares of PNC Financial Services Group from an “underperform” rating to a “market perform” rating in a research report on Thursday, October 6th. Vetr cut shares of PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $94.63 price target on the stock. in a research report on Thursday, October 6th. Nomura cut shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research report on Monday, October 10th. They noted that the move was a valuation call. Finally, Credit Agricole SA upped their price target on shares of PNC Financial Services Group from $86.00 to $92.00 and gave the company an “underperform” rating in a research report on Friday, September 23rd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $96.48.
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PNC Financial Services Group (NYSE:PNC) opened at 88.21 on Tuesday. The company has a market cap of $43.35 billion, a PE ratio of 12.17 and a beta of 0.91. The stock has a 50 day moving average price of $89.85 and a 200 day moving average price of $86.23. PNC Financial Services Group has a one year low of $77.40 and a one year high of $97.50.
PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, October 14th. The company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.06. PNC Financial Services Group had a net margin of 23.77% and a return on equity of 8.92%. The company had revenue of $3.83 billion for the quarter. During the same period in the prior year, the firm earned $1.90 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities analysts anticipate that PNC Financial Services Group will post $7.10 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Monday, October 17th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Thursday, October 13th. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 30.51%.
In other PNC Financial Services Group news, Director Daniel Hesse acquired 500 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was bought at an average cost 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 $90,684. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael J. Hannon sold 33,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was 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 $7,574,188.77. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNC. Iowa State Bank acquired a new position in PNC Financial Services Group during the second quarter valued at approximately $114,000. Barrett Asset Management LLC increased 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 valued at $139,000 after buying an additional 1,055 shares during the period. M&R Capital Management Inc. acquired a new position in PNC Financial Services Group during the second quarter valued at approximately $146,000. Enterprise Financial Services Corp increased 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 valued at $146,000 after buying an additional 99 shares during the period. Finally, NEXT Financial Group Inc increased its position in PNC Financial Services Group by 42.8% in the second quarter. NEXT Financial Group Inc now owns 2,006 shares of the company’s stock valued at $163,000 after buying an additional 601 shares during the period. 80.28% 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.
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