The PNC Financial Services Group (NYSE:PNC – Free Report) had its price target raised by Morgan Stanley from $165.00 to $177.00 in a research report report published on Tuesday, Benzinga reports. Morgan Stanley currently has an underweight rating on the financial services provider’s stock.
A number of other equities research analysts have also issued reports on PNC. Evercore ISI increased their price target on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an outperform rating in a research note on Wednesday, July 17th. Bank of America increased their price target on The PNC Financial Services Group from $169.00 to $185.00 and gave the stock a neutral rating in a research note on Wednesday, July 17th. Royal Bank of Canada increased their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an outperform rating in a research note on Wednesday, July 17th. Barclays increased their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an overweight rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group raised their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a hold rating in a research report on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $176.09.
The PNC Financial Services Group Price Performance
Shares of The PNC Financial Services Group stock opened at $181.98 on Tuesday. The PNC Financial Services Group has a one year low of $109.40 and a one year high of $182.84. The stock’s fifty day moving average is $160.86 and its 200 day moving average is $155.52. The stock has a market cap of $72.41 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.33 and a beta of 1.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period last year, the firm earned $3.36 EPS. The PNC Financial Services Group’s revenue for the quarter was up 2.2% compared to the same quarter last year. Sell-side analysts anticipate that The PNC Financial Services Group will post 13 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is currently 53.74%.
Insider Activity
In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 sale, the chief executive officer now owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the transaction, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 850 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 directly owns 3,502 shares in the company, valued at $545,856.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,903 shares of company stock valued at $1,466,406. Corporate insiders own 0.42% of the company’s stock.
Hedge Funds Weigh In On The PNC Financial Services Group
Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $1,039,481,000. Franklin Resources Inc. lifted its stake 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 during the period. Capital International Investors lifted its stake in shares of The PNC Financial Services Group by 14.4% during the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after buying an additional 1,978,854 shares during the period. Capital Research Global Investors lifted its stake 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 during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of The PNC Financial Services Group by 15,539.2% during the fourth quarter. International Assets Investment Management LLC now owns 644,021 shares of the financial services provider’s stock worth $99,727,000 after buying an additional 639,903 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.
The PNC Financial Services Group Company Profile
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: defenseworld.net
