PNC Financial Services Group, Inc. (The) (NYSE:PNC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $152.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.09% from the company’s current price.

According to Zacks, “Shares of PNC Financial have outperformed the industry, so far, this year. The performance was supported by the company’s impressive earnings surprise history. It hasn’t missed the Zacks Consensus Estimate for earnings in any of the trailing four quarters. The company benefits from robust organic growth and strong balance sheet position. Further, we remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Its deal to acquire the commercial and vendor finance business of ECN Capital is anticipated to be marginally accretive to earnings in 2017. However, the company’s capital deployment activities do not seem sustainable. Also, a stretched valuation reflects limited upside potential.”

PNC has been the topic of several other research reports. BidaskClub raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Robert W. Baird reaffirmed a “buy” rating and set a $135.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, August 28th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $139.50 target price (up previously from $138.50) on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Tuesday, October 3rd. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $144.00 target price (up previously from $125.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. PNC Financial Services Group, Inc. (The) presently has a consensus rating of “Hold” and an average target price of $129.26.

PNC Financial Services Group, Inc. (NYSE PNC) traded up 0.69% during midday trading on Tuesday, hitting $136.54. The company had a trading volume of 995,725 shares. PNC Financial Services Group, Inc. has a 52 week low of $87.34 and a 52 week high of $136.92. The company has a market capitalization of $65.43 billion, a P/E ratio of 17.38 and a beta of 0.95. The stock has a 50 day moving average price of $129.49 and a 200 day moving average price of $124.73.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter in the prior year, the firm earned $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s revenue was up 7.0% compared to the same quarter last year. Equities analysts forecast that PNC Financial Services Group, Inc. will post $8.41 earnings per share for the current fiscal year.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $2.70 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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In related news, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the transaction, the insider now owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNC. Proficio Capital Partners LLC raised its stake in shares of PNC Financial Services Group, Inc. (The) by 1,365.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock valued at $100,000 after buying an additional 710 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of PNC Financial Services Group, Inc. (The) by 12.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 821 shares of the financial services provider’s stock valued at $103,000 after buying an additional 91 shares during the last quarter. First Interstate Bank raised its stake in shares of PNC Financial Services Group, Inc. (The) by 34.0% during the 1st quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares during the last quarter. Atlantic Trust LLC purchased a new position in shares of PNC Financial Services Group, Inc. (The) during the 2nd quarter valued at about $129,000. Finally, Quadrant Capital Group LLC raised its stake in shares of PNC Financial Services Group, Inc. (The) by 0.3% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,417 shares of the financial services provider’s stock valued at $137,000 after buying an additional 4 shares during the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.

About PNC Financial Services Group, Inc. (The)

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Analyst Recommendations for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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