Zacks Investment Research Upgrades PNC Financial Services Group Inc. (PNC) to Buy
PNC Financial Services Group Inc. (NYSE:PNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $99.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.23% from the company’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.”
A number of other equities research analysts have also recently issued reports on PNC. BMO Capital Markets raised PNC Financial Services Group from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $94.00 to $101.00 in a research report on Monday, September 19th. They noted that the move was a valuation call. Vetr raised PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $94.63 target price for the company in a research report on Wednesday, October 12th. Jefferies Group reaffirmed a “hold” rating and set a $94.00 target price (up previously from $88.00) on shares of PNC Financial Services Group in a research report on Monday, September 26th. Barclays PLC reaffirmed a “hold” rating and set a $97.00 target price on shares of PNC Financial Services Group in a research report on Tuesday, October 11th. Finally, Raymond James Financial Inc. raised PNC Financial Services Group from an “underperform” rating to a “market perform” rating in a research report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $96.48.
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/2016/10/18/zacks-investment-research-upgrades-pnc-financial-services-group-inc-pnc-to-buy.html
PNC Financial Services Group (NYSE:PNC) opened at 88.87 on Tuesday. The firm has a market cap of $43.67 billion, a P/E ratio of 12.26 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. The firm has a 50-day moving average of $89.85 and a 200-day moving average of $86.23.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, October 14th. The company reported $1.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.06. The business earned $3.83 billion during the quarter. PNC Financial Services Group had a return on equity of 8.92% and a net margin of 23.77%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.90 EPS. On average, analysts expect 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. 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 is Thursday, October 13th. PNC Financial Services Group’s dividend payout ratio is 30.51%.
In related news, insider Michael J. Hannon sold 33,000 shares of the firm’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 transaction, the insider now owns 87,573 shares in the company, valued at $7,574,188.77. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel Hesse purchased 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was purchased at an average price of $82.44 per share, for a total transaction of $41,220.00. Following the acquisition, the director now owns 1,100 shares of the company’s stock, valued at $90,684. The disclosure for this purchase can be found here. 0.57% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. RNC Capital Management LLC raised its position in 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 valued at $18,088,000 after buying an additional 1,150 shares during the last quarter. Huntington National Bank raised its position in PNC Financial Services Group by 14.6% in the second quarter. Huntington National Bank now owns 275,683 shares of the company’s stock valued at $22,438,000 after buying an additional 35,206 shares during the last quarter. AMP Capital Investors Ltd raised its position in 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 valued at $35,477,000 after buying an additional 47,014 shares during the last quarter. Suntrust Banks Inc. raised its position in PNC Financial Services Group by 0.3% in the second quarter. Suntrust Banks Inc. now owns 471,355 shares of the company’s stock valued at $38,362,000 after buying an additional 1,600 shares during the last quarter. Finally, Natixis bought a new position in PNC Financial Services Group during the first quarter valued at $46,162,000. Institutional investors and hedge funds own 80.28% 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.
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.