PNC Financial Services Group, Inc. (The) (NYSE:PNC)‘s stock had its “buy” rating reissued by equities research analysts at Deutsche Bank AG in a research note issued to investors on Tuesday, July 25th. They currently have a $130.00 price objective on the financial services provider’s stock, up from their previous price objective of $120.00. Deutsche Bank AG’s price target indicates a potential downside of 1.78% from the stock’s current price.
PNC has been the topic of a number of other reports. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research note on Tuesday, July 4th. Keefe, Bruyette & Woods set a $125.00 target price on PNC Financial Services Group, Inc. (The) and gave the company a “hold” rating in a research report on Friday, May 19th. BidaskClub downgraded shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Instinet restated a “neutral” rating and issued a $126.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Wednesday, July 12th. Finally, Nomura boosted their price target 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. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) currently has a consensus rating of “Hold” and a consensus price target of $122.75.
Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded up 0.95% during midday trading on Tuesday, reaching $132.36. The company’s stock had a trading volume of 2,801,556 shares. The stock’s 50 day moving average price is $126.06 and its 200 day moving average price is $122.79. The firm has a market cap of $63.53 billion, a price-to-earnings ratio of 16.84 and a beta of 0.93. PNC Financial Services Group, Inc. has a one year low of $84.60 and a one year high of $133.26.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping 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 period last year, the company posted $1.82 EPS. The business’s revenue was up 7.0% on a year-over-year basis. Analysts predict that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.
PNC Financial Services Group, Inc. (The) announced that its board has approved 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 purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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In related news, insider Michael J. Hannon sold 24,111 shares of the firm’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 transaction of $3,048,835.95. Following the sale, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. Ropes Wealth Advisors LLC increased its position in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Ropes Wealth Advisors LLC now owns 1,849 shares of the financial services provider’s stock worth $222,000 after buying an additional 8 shares in the last quarter. Guardian Life Insurance Co. of America increased its position in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Guardian Life Insurance Co. of America now owns 1,876 shares of the financial services provider’s stock worth $226,000 after buying an additional 8 shares in the last quarter. Hudock Capital Group LLC increased its position in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the second quarter. Hudock Capital Group LLC now owns 2,692 shares of the financial services provider’s stock worth $336,000 after buying an additional 11 shares in the last quarter. Pinnacle Advisory Group Inc. increased its position in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Pinnacle Advisory Group Inc. now owns 2,773 shares of the financial services provider’s stock worth $333,000 after buying an additional 12 shares in the last quarter. Finally, VNBTrust National Association increased its position in shares of PNC Financial Services Group, Inc. (The) by 0.6% in the first quarter. VNBTrust National Association now owns 2,486 shares of the financial services provider’s stock worth $299,000 after buying an additional 15 shares in the last quarter. 81.49% of the stock is currently owned by institutional investors and hedge funds.
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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