PNC Financial Services Group, Inc. (The) (PNC) Stock Rating Upgraded by Zacks Investment Research

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 note issued on Tuesday. The firm currently has a $144.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.03% from the company’s previous close.

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.”

Other analysts have also recently issued research reports about the stock. Jefferies Group LLC reissued a “hold” rating and issued a $136.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 8th. Nomura boosted their price objective on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a research note on Monday, July 17th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $129.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, July 14th. Instinet reissued a “neutral” rating and issued a $126.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research note on Wednesday, July 12th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $127.00 target price (up previously from $121.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $124.32.

PNC Financial Services Group, Inc. (NYSE PNC) opened at 129.84 on Tuesday. The firm has a market cap of $62.22 billion, a P/E ratio of 16.52 and a beta of 0.93. The stock has a 50 day moving average price of $127.76 and a 200-day moving average price of $123.73. PNC Financial Services Group, Inc. has a 1-year low of $87.04 and a 1-year high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. 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 previous year, the firm posted $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts forecast that PNC Financial Services Group, Inc. will post $8.41 EPS for the current year.

PNC Financial Services Group, Inc. (The) announced 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 purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

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In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the sale, the insider now directly owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC grew its position 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 acquiring an additional 710 shares during the period. Tower Research Capital LLC TRC grew its position 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 acquiring an additional 91 shares during the period. First Interstate Bank grew its position 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 acquiring an additional 243 shares during the period. Atlantic Trust LLC bought a new position in shares of PNC Financial Services Group, Inc. (The) during the 2nd quarter valued at approximately $129,000. Finally, Ledyard National Bank grew its position in shares of PNC Financial Services Group, Inc. (The) by 6.3% during the 2nd quarter. Ledyard National Bank now owns 1,257 shares of the financial services provider’s stock valued at $157,000 after acquiring an additional 75 shares during the period. 80.80% of the stock is owned by hedge funds and other institutional investors.

PNC Financial Services Group, Inc. (The) 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.

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

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