Zacks Investment Research Lowers PNC Financial Services Group, Inc. (The) (PNC) to Hold

PNC Financial Services Group, Inc. (The) (NYSE:PNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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.”

A number of other brokerages have also issued reports on PNC. BidaskClub lowered PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Piper Jaffray Companies reiterated a “buy” rating and issued a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Sunday, August 27th. Deutsche Bank AG reiterated a “hold” rating and issued a $136.00 price target (up previously from $130.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Tuesday, September 26th. Credit Suisse Group reissued a “neutral” rating and issued a $126.00 price target (up previously from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a research note on Monday, July 17th. Finally, Rafferty Capital Markets raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $126.81.

PNC Financial Services Group, Inc. (NYSE:PNC) traded down 0.71% during trading on Tuesday, hitting $134.16. 1,343,696 shares of the stock were exchanged. The stock’s 50-day moving average price is $128.64 and its 200-day moving average price is $124.22. The firm has a market cap of $64.29 billion, a PE ratio of 17.07 and a beta of 0.95. PNC Financial Services Group, Inc. has a 12-month low of $87.34 and a 12-month high of $135.73.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released 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. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company posted $1.82 EPS. On average, equities analysts expect that PNC Financial Services Group, Inc. will post $8.41 EPS for the current year.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $2.70 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction that occurred on 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 $10,613,074.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction that occurred on 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. 0.43% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of PNC Financial Services Group, Inc. (The) by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 32,555,070 shares of the financial services provider’s stock valued at $4,065,151,000 after purchasing an additional 589,235 shares during the last quarter. BlackRock Inc. boosted its holdings in PNC Financial Services Group, Inc. (The) by 1.3% in the second 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 in the last quarter. FMR LLC boosted its holdings in PNC Financial Services Group, Inc. (The) by 13.9% in the second 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 in the last quarter. JPMorgan Chase & Co. boosted its holdings in PNC Financial Services Group, Inc. (The) by 7.4% in the second 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 in the last quarter. Finally, Capital World Investors boosted its holdings in PNC Financial Services Group, Inc. (The) by 6.9% in the second 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 in 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.

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

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