PNC Financial Services Group (PNC) Upgraded to Outperform by Sanford C. Bernstein

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PNC Financial Services Group (NYSE:PNC) was upgraded by equities researchers at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a report issued on Monday, October 15th, Marketbeat Ratings reports. The brokerage presently has a $145.00 price target on the financial services provider’s stock, down from their prior price target of $158.00. Sanford C. Bernstein’s target price indicates a potential upside of 8.02% from the company’s previous close.

Several other brokerages have also issued reports on PNC. ValuEngine lowered PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Vining Sparks restated a “buy” rating and issued a $160.00 target price on shares of PNC Financial Services Group in a research note on Tuesday, October 9th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus target price of $155.50.

PNC Financial Services Group stock traded down $0.01 during mid-day trading on Monday, reaching $134.23. 2,250,227 shares of the company’s stock were exchanged, compared to its average volume of 3,409,259. The firm has a market capitalization of $61.50 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 1.31 and a beta of 0.92. PNC Financial Services Group has a one year low of $116.55 and a one year high of $163.59. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.11.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 EPS for the quarter, topping the Zacks’ consensus estimate of $2.73 by $0.09. The business had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.32 billion. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. During the same period last year, the company posted $2.16 earnings per share. Analysts predict that PNC Financial Services Group will post 10.76 EPS for the current fiscal year.

PNC Financial Services Group declared that its board has approved a stock buyback program on Thursday, November 8th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, EVP Robert Q. Reilly sold 24,710 shares of the business’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the transaction, the executive vice president now directly owns 131,020 shares in the company, valued at $18,406,999.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.38% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of PNC. Braun Bostich & Associates Inc. purchased a new position in shares of PNC Financial Services Group in the 1st quarter worth about $105,000. Stelac Advisory Services LLC purchased a new position in shares of PNC Financial Services Group in the 3rd quarter worth about $118,000. Rational Advisors LLC boosted its holdings in shares of PNC Financial Services Group by 248.4% in the 3rd quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock worth $122,000 after purchasing an additional 641 shares in the last quarter. TRUE Private Wealth Advisors purchased a new position in shares of PNC Financial Services Group in the 3rd quarter worth about $127,000. Finally, Moneta Group Investment Advisors LLC purchased a new position in shares of PNC Financial Services Group in the 2nd quarter worth about $143,000. Hedge funds and other institutional investors own 79.84% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Further Reading: Inflation

Analyst Recommendations for PNC Financial Services Group (NYSE:PNC)

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