Goldman Sachs Group Lowers PNC Financial Services Group (PNC) to Buy

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.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.03. The business had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.09 billion. PNC Financial Services Group had a return on equity of 9.29% and a net margin of 24.61%. PNC Financial Services Group’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 EPS. equities analysts anticipate that PNC Financial Services Group will post 8.44 earnings per share for the current fiscal year.

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.

The Fly

Analyst Recommendations for PNC Financial Services Group (NYSE:PNC)



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