PNC Financial Services Group, Inc. (The) (NYSE:PNC) had its price target lifted by investment analysts at Nomura from $126.00 to $129.00 in a research note issued on Monday, July 17th. The firm presently has a “neutral” rating on the financial services provider’s stock. Nomura’s price objective would suggest a potential downside of 2.40% from the stock’s previous close.
A number of other equities research analysts also recently commented on the company. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Rafferty Capital Markets cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 target price for the company. in a research note on Monday, April 17th. Zacks Investment Research cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. Hilliard Lyons raised PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and decreased their target price for the company from $127.00 to $123.00 in a research note on Monday, April 17th. Finally, Instinet boosted their target price on PNC Financial Services Group, Inc. (The) from $121.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) currently has a consensus rating of “Hold” and an average target price of $122.75.
PNC Financial Services Group, Inc. (PNC) opened at 132.17 on Monday. The company has a 50 day moving average price of $125.42 and a 200-day moving average price of $122.60. PNC Financial Services Group, Inc. has a 52-week low of $82.17 and a 52-week high of $132.67. The firm has a market cap of $63.44 billion, a price-to-earnings ratio of 16.82 and a beta of 0.93.
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 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate 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 firm’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.82 earnings per share. Equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.
PNC Financial Services Group, Inc. (The) announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value 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 made changes to their positions in the company. Advisory Services Network LLC bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth about $539,000. Korea Investment CORP increased its stake in shares of PNC Financial Services Group, Inc. (The) by 48.6% in the first quarter. Korea Investment CORP now owns 439,385 shares of the financial services provider’s stock worth $52,832,000 after buying an additional 143,605 shares in the last quarter. First National Bank & Trust Co. of Newtown increased its stake in shares of PNC Financial Services Group, Inc. (The) by 1.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 9,234 shares of the financial services provider’s stock worth $1,110,000 after buying an additional 155 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter worth about $1,842,000. Finally, Gulf International Bank UK Ltd increased its stake in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the first quarter. Gulf International Bank UK Ltd now owns 152,845 shares of the financial services provider’s stock worth $18,378,000 after buying an additional 385 shares in the last quarter. Institutional investors own 81.64% of the company’s stock.
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.
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