Deutsche Bank AG reaffirmed their buy rating on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a research note released on Tuesday morning. They currently have a $130.00 price objective on the financial services provider’s stock, up from their previous price objective of $120.00.
A number of other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating and set a $142.00 price objective on the stock in a research note on Tuesday, July 18th. Morgan Stanley restated an equal weight rating and set a $127.00 target price (up from $121.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, July 17th. Nomura raised their target price on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a neutral rating in a report on Monday, July 17th. Rafferty Capital Markets upgraded shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a report on Monday, July 17th. Finally, Credit Suisse Group restated a neutral rating and set a $126.00 target price (up from $114.00) 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, twelve have issued a hold rating, eleven 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 a consensus price target of $121.62.
Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.02% during midday trading on Tuesday, hitting $127.65. The stock had a trading volume of 1,567,977 shares. The company has a market cap of $61.27 billion, a P/E ratio of 16.24 and a beta of 0.93. The firm has a 50 day moving average of $124.85 and a 200-day moving average of $122.34. PNC Financial Services Group, Inc. has a one year low of $81.35 and a one year high of $131.83.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the Zacks’ 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 business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same quarter last year, the business earned $1.82 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, analysts forecast that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 17th will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.35%. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is 38.12%.
PNC Financial Services Group, Inc. (The) announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the sale, the insider now owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The shares were 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. Company insiders own 0.43% of the company’s stock.
Several large investors have recently modified their holdings of PNC. BlackRock Inc. raised its position in PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock worth $3,262,582,000 after buying an additional 26,208,815 shares during the period. FMR LLC raised its position in shares of PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock worth $1,654,586,000 after buying an additional 2,239,716 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of PNC Financial Services Group, Inc. (The) by 0.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,268,778 shares of the financial services provider’s stock worth $1,114,478,000 after buying an additional 59,832 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of PNC Financial Services Group, Inc. (The) by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 5,951,738 shares of the financial services provider’s stock worth $715,638,000 after buying an additional 69,815 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of PNC Financial Services Group, Inc. (The) by 8.5% in the first quarter. Geode Capital Management LLC now owns 4,570,121 shares of the financial services provider’s stock worth $548,698,000 after buying an additional 357,192 shares during the last quarter. 80.97% of the stock is owned by institutional investors.
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.
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