PNC Financial Services Group (NYSE:PNC) was downgraded by research analysts at Goldman Sachs Group from a “conviction-buy” rating to a “buy” rating in a research note issued to investors on Thursday, The Fly reports.
Other equities research analysts have also issued reports about the company. Piper Jaffray Companies reissued a “buy” rating and issued a $134.00 price target on shares of PNC Financial Services Group in a research report on Wednesday, October 4th. Robert W. Baird restated a “buy” rating and issued a $135.00 price objective on shares of PNC Financial Services Group in a research note on Sunday, October 1st. Zacks Investment Research upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $144.00 price objective for the company in a research note on Tuesday, September 19th. Royal Bank of Canada restated a “buy” rating on shares of PNC Financial Services Group in a research note on Monday, October 16th. Finally, Stephens downgraded PNC Financial Services Group from an “overweight” rating to an “equal weight” rating in a research note on Thursday, October 5th. They noted that the move was a valuation call. Sixteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $140.43.
Shares of PNC Financial Services Group (NYSE PNC) opened at $144.59 on Thursday. The company has a market capitalization of $68,800.00, a price-to-earnings ratio of 17.61, a P/E/G ratio of 1.74 and a beta of 0.90. PNC Financial Services Group has a 12-month low of $113.66 and a 12-month high of $147.28. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.92 and a quick ratio of 0.92.
In other PNC Financial Services Group news, insider Karen L. Larrimer sold 3,135 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $136.98, for a total value of $429,432.30. Following the completion of the transaction, the insider now owns 20,449 shares in the company, valued at approximately $2,801,104.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $135.00, for a total value of $675,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,523 shares of company stock valued at $15,392,168. 0.43% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in PNC Financial Services Group by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 32,555,070 shares of the financial services provider’s stock worth $4,065,151,000 after purchasing an additional 589,235 shares during the period. BlackRock Inc. boosted its stake in PNC Financial Services Group by 1.3% in the 2nd quarter. BlackRock Inc. now owns 27,475,136 shares of the financial services provider’s stock worth $3,430,820,000 after purchasing an additional 341,222 shares during the period. FMR LLC boosted its stake in PNC Financial Services Group by 13.9% in the 2nd quarter. FMR LLC now owns 15,676,614 shares of the financial services provider’s stock worth $1,957,539,000 after purchasing an additional 1,915,923 shares during the period. JPMorgan Chase & Co. boosted its stake in PNC Financial Services Group by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 12,752,413 shares of the financial services provider’s stock worth $1,592,394,000 after purchasing an additional 875,164 shares during the period. Finally, Capital World Investors boosted its stake in PNC Financial Services Group by 6.9% in the 2nd quarter. Capital World Investors now owns 10,112,603 shares of the financial services provider’s stock worth $1,262,761,000 after purchasing an additional 654,997 shares during the period. Institutional investors and hedge funds own 81.48% of the company’s stock.
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PNC Financial Services Group Company Profile
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.
