The PNC Financial Services Group (NYSE:PNC – Free Report) had its target price boosted by Bank of America from $169.00 to $185.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Bank of America currently has a neutral rating on the financial services provider’s stock.
A number of other analysts have also recently weighed in on the stock. UBS Group upgraded shares of The PNC Financial Services Group from a neutral rating to a buy rating and increased their price target for the stock from $165.00 to $179.00 in a research note on Monday, July 8th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods reiterated an underperform rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. The Goldman Sachs Group increased their price target on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a neutral rating in a research note on Monday, April 1st. Finally, Jefferies Financial Group increased their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a hold rating in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group has an average rating of Hold and an average target price of $172.96.
Read Our Latest Research Report on PNC
The PNC Financial Services Group Trading Up 1.5 %
NYSE PNC opened at $179.68 on Wednesday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s fifty day moving average price is $157.29 and its 200 day moving average price is $153.96. The company has a market capitalization of $71.50 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 1.73 and a beta of 1.15. The PNC Financial Services Group has a 12 month low of $109.40 and a 12 month high of $180.86.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $3.36 EPS. On average, sell-side analysts expect that The PNC Financial Services Group will post 12.67 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be paid a $1.60 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date is Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.56%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.
Insider Activity at The PNC Financial Services Group
In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The disclosure for this sale can be found here. Insiders sold 6,419 shares of company stock worth $1,022,826 over the last 90 days. Company insiders own 0.42% of the company’s stock.
Hedge Funds Weigh In On The PNC Financial Services Group
Several hedge funds have recently added to or reduced their stakes in the business. Capital International Investors increased its holdings in The PNC Financial Services Group by 0.5% during the 1st quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock valued at $2,556,195,000 after acquiring an additional 78,407 shares in the last quarter. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $1,039,481,000. Franklin Resources Inc. grew its holdings in shares of The PNC Financial Services Group by 165.4% during the fourth quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock worth $756,957,000 after buying an additional 3,046,226 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of The PNC Financial Services Group by 19.5% during the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after buying an additional 778,264 shares in the last quarter. Finally, Putnam Investments LLC grew its holdings in shares of The PNC Financial Services Group by 3.2% during the fourth quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock worth $568,662,000 after buying an additional 114,960 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
About The PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company’s Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
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Source: americanbankingnews.com
