PNC Financial Services Group, Inc. (The)’s (PNC) Neutral Rating Reiterated at Instinet

Instinet restated their neutral rating on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a research report released on Wednesday, July 12th. Instinet currently has a $126.00 price objective on the financial services provider’s stock.

Several other equities research analysts also recently weighed in on PNC. Jefferies Group LLC reiterated a hold rating and issued a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, April 5th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating and set a $133.00 price target on the stock in a report on Tuesday, April 11th. Hilliard Lyons upgraded PNC Financial Services Group, Inc. (The) from an underperform rating to a hold rating and reduced their price objective for the stock from $127.00 to $123.00 in a report on Monday, April 17th. Rafferty Capital Markets downgraded PNC Financial Services Group, Inc. (The) from a buy rating to a hold rating and set a $121.00 price objective on the stock. in a report on Monday, April 17th. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $122.75.

PNC Financial Services Group, Inc. (PNC) traded up 0.95% during trading on Wednesday, hitting $132.36. 2,802,924 shares of the company traded hands. The stock has a 50-day moving average price of $126.06 and a 200-day moving average price of $122.79. PNC Financial Services Group, Inc. has a 12-month low of $84.60 and a 12-month high of $133.26. The firm has a market capitalization of $63.53 billion, a P/E ratio of 16.84 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the prior year, the business posted $1.82 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities analysts expect that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

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PNC Financial Services Group, Inc. (The) declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Thursday, July 13th. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s payout ratio is currently 38.12%.

In related news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the transaction, the insider now owns 83,931 shares in the company, valued at approximately $10,613,074.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) 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. 0.43% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Proficio Capital Partners LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 1,365.4% in the second quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock valued at $100,000 after buying an additional 710 shares in the last quarter. First Interstate Bank boosted its position in shares of PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter valued at $117,000. Ledyard National Bank boosted its position in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares in the last quarter. Finally, Pinnacle Bank bought a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter valued at $157,000. Institutional investors and hedge funds own 81.49% of the company’s stock.

PNC Financial Services Group, Inc. (The) Company Profile

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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