PNC Financial Services Group Inc (PNC) Upgraded to Buy by Zacks Investment Research

PNC Financial Services Group Inc (PNC) Upgraded to Buy by Zacks Investment Research

According to Zacks, “PNC Financial’s shares outperformed the Zacks categorized Regional Banks-Major industry, over the last six months. We remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Further, its deal to acquire the commercial and vendor finance business of ECN Capital is expected to be marginally accretive to earnings in 2017. Though the company increased its prime lending rate to 4.00% following the latest Fed rate hike, margin pressure is not expected to ease drastically in the upcoming quarters. Nevertheless, given its strong balance sheet, the company displayed impressive capital deployment activities.”

PNC Financial Services Group Inc (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 $136.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.10% from the stock’s current price.

A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods set a $125.00 price target on shares of PNC Financial Services Group and gave the stock a “hold” rating in a research note on Friday, May 19th. Barclays PLC lifted their price target on shares of PNC Financial Services Group from $125.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Instinet lifted their price target on shares of PNC Financial Services Group from $121.00 to $127.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 19th. Piper Jaffray Companies dropped their price target on shares of PNC Financial Services Group from $136.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, April 18th. Finally, Oppenheimer Holdings Inc. restated a “hold” rating on shares of PNC Financial Services Group in a research note on Monday, April 17th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $112.79.

PNC Financial Services Group (PNC) opened at 121.32 on Tuesday. The stock has a market capitalization of $58.71 billion, a P/E ratio of 16.00 and a beta of 0.91. The company has a 50 day moving average of $120.10 and a 200-day moving average of $118.85. PNC Financial Services Group has a 52-week low of $77.40 and a 52-week high of $131.83.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Thursday, April 13th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.13. The business had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.79 billion. PNC Financial Services Group had a net margin of 23.90% and a return on equity of 8.96%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.68 earnings per share. Equities research analysts anticipate that PNC Financial Services Group will post $8.22 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, May 5th. Stockholders of record on Monday, April 17th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Wednesday, April 12th. This represents a $2.20 annualized dividend and a dividend yield of 1.81%. PNC Financial Services Group’s dividend payout ratio is currently 30.10%.

In other news, insider Karen L. Larrimer sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $128.40, for a total transaction of $256,800.00. Following the completion of the transaction, the insider now owns 23,820 shares in the company, valued at $3,058,488. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in PNC. First Interstate Bank raised its position in PNC Financial Services Group by 34.0% in the first 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 in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in PNC Financial Services Group during the fourth quarter valued at approximately $117,000. Sunbelt Securities Inc. purchased a new position in PNC Financial Services Group during the fourth quarter valued at approximately $142,000. Ledyard National Bank raised its position in PNC Financial Services Group by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares in the last quarter. Finally, Pinnacle Bank purchased a new position in PNC Financial Services Group during the first quarter valued at approximately $157,000. Institutional investors and hedge funds own 78.71% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “PNC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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