PNC Financial Services Group, Inc. (The) (PNC) Stock Rating Reaffirmed by Citigroup Inc.

Citigroup Inc. reiterated their neutral rating on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a research note published on Monday. Citigroup Inc. currently has a $144.00 price target on the financial services provider’s stock, up from their previous price target of $125.00.

Several other analysts also recently issued reports on PNC. J P Morgan Chase & Co restated an overweight rating and issued a $139.50 price objective (up from $138.50) on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, October 6th. Zacks Investment Research downgraded PNC Financial Services Group, Inc. (The) from a buy rating to a hold rating in a research report on Tuesday, October 3rd. Instinet restated a neutral rating and issued a $132.00 price objective (up from $129.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Saturday, September 30th. Robert W. Baird restated a buy rating and issued a $135.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Sunday, October 1st. Finally, Nomura upped their price objective on PNC Financial Services Group, Inc. (The) from $129.00 to $132.00 and gave the company a neutral rating in a research report on Thursday, September 28th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. PNC Financial Services Group, Inc. (The) presently has a consensus rating of Hold and an average price target of $129.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. PNC Financial Services Group, Inc. (The)’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.82 earnings per share.

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The company also recently declared a quarterly dividend, which will be paid on Sunday, November 5th. Shareholders of record on Tuesday, October 17th will be paid a dividend of $0.75 per share. The ex-dividend date is Monday, October 16th. This represents a $3.00 annualized dividend and a yield of 2.22%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that permits the company to buyback $2.70 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the sale, the insider now directly owns 83,931 shares in the company, valued at $10,613,074.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Honeywell International Inc. grew its stake in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the second quarter. Honeywell International Inc. now owns 156,400 shares of the financial services provider’s stock valued at $19,530,000 after buying an additional 400 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of PNC Financial Services Group, Inc. (The) by 3.4% in the second quarter. Daiwa Securities Group Inc. now owns 15,346 shares of the financial services provider’s stock valued at $1,916,000 after buying an additional 500 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in shares of PNC Financial Services Group, Inc. (The) by 12.9% in the second quarter. Canada Pension Plan Investment Board now owns 620,524 shares of the financial services provider’s stock valued at $77,485,000 after buying an additional 70,962 shares in the last quarter. Davis Selected Advisers grew its stake in shares of PNC Financial Services Group, Inc. (The) by 1.7% in the second quarter. Davis Selected Advisers now owns 307,362 shares of the financial services provider’s stock valued at $38,380,000 after buying an additional 5,262 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of PNC Financial Services Group, Inc. (The) by 3.0% in the second quarter. Legal & General Group Plc now owns 2,491,441 shares of the financial services provider’s stock valued at $311,109,000 after buying an additional 72,775 shares in the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.

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.

Analyst Recommendations for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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