PNC Financial Services Group Inc. (PNC) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PNC Financial Services Group Inc. (NYSE:PNC) from a hold rating to a buy rating in a research note released on Tuesday morning. The firm currently has $121.00 target price on the stock.

According to Zacks, “PNC Financial's third-quarter 2016 earnings beat the Zacks Consensus Estimate. Results were aided by higher revenues, partially offset by increased expense and provisions. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the fourth quarter. The company also remains focused on its cost saving initiatives. We remain optimistic as the bank remains well positioned for top-line growth, supported by consistent growth in loans and deposits and diverse fee income. However, amid the low rate environment, margin pressure lingers.”

A number of other research analysts have also weighed in on PNC. Argus assumed coverage on PNC Financial Services Group in a report on Monday, July 18th. They issued a hold rating on the stock. Piper Jaffray Cos. reaffirmed an overweight rating and set a $97.00 target price (up from $96.00) on shares of PNC Financial Services Group in a report on Monday, July 18th. Vetr lowered PNC Financial Services Group from a hold rating to a sell rating and set a $95.30 target price on the stock. in a report on Wednesday, November 9th. Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of PNC Financial Services Group in a report on Tuesday, July 19th. Finally, BMO Capital Markets reaffirmed a hold rating and set a $94.00 target price on shares of PNC Financial Services Group in a report on Monday, July 18th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $97.20.

Shares of PNC Financial Services Group (NYSE:PNC) opened at 110.60 on Tuesday. The company has a market capitalization of $53.81 billion, a PE ratio of 15.38 and a beta of 0.82. The stock’s 50 day moving average price is $95.16 and its 200 day moving average price is $88.27. PNC Financial Services Group has a 12 month low of $77.40 and a 12 month high of $110.81.

PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, October 14th. The company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.06. The business had revenue of $3.83 billion for the quarter. PNC Financial Services Group had a return on equity of 9.04% and a net margin of 23.77%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $1.90 earnings per share. On average, analysts forecast that PNC Financial Services Group will post $7.16 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, November 7th. Investors of record on Monday, October 17th were issued a $0.55 dividend. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $2.20 dividend on an annualized basis and a yield of 1.99%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 30.51%.

In related news, insider Michael J. Hannon sold 25,000 shares of PNC Financial Services Group stock in a transaction on Monday, October 31st. The stock was sold at an average price of $95.28, for a total value of $2,382,000.00. Following the completion of the transaction, the insider now directly owns 79,573 shares in the company, valued at $7,581,715.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William S. Demchak sold 179,809 shares of PNC Financial Services Group stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $107.61, for a total value of $19,349,246.49. Following the completion of the transaction, the chief executive officer now owns 531,755 shares of the company’s stock, valued at $57,222,155.55. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNC. Kistler Tiffany Companies LLC increased its stake in shares of PNC Financial Services Group by 0.6% in the second quarter. Kistler Tiffany Companies LLC now owns 15,629 shares of the company’s stock worth $1,272,000 after buying an additional 89 shares during the period. Iowa State Bank purchased a new stake in PNC Financial Services Group during the second quarter valued at $114,000. BNP Paribas Arbitrage SA increased its stake in PNC Financial Services Group by 254.3% in the second quarter. BNP Paribas Arbitrage SA now owns 585,787 shares of the company’s stock valued at $47,677,000 after buying an additional 420,457 shares during the last quarter. Clear Harbor Asset Management LLC increased its stake in PNC Financial Services Group by 9.4% in the first quarter. Clear Harbor Asset Management LLC now owns 21,686 shares of the company’s stock valued at $1,834,000 after buying an additional 1,862 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in PNC Financial Services Group by 1.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 49,041 shares of the company’s stock valued at $4,157,000 after buying an additional 853 shares during the last quarter. Hedge funds and other institutional investors own 80.88% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.

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