PNC Financial Services Group (NYSE:PNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Shares of PNC Financial have outperformed the industry over the past six months. Further, the company has an impressive earnings surprise history. It hasn’t missed the Zacks Consensus Estimate for earnings in any of the trailing four quarters. We remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Also, its focus on enhancing shareholders’ value through strategic acquisitions is encouraging. Further, efforts to expand middle market lending franchise and investments in digital products and services bode well for the company. Though, the company’s capital deployment activities do not seem sustainable, a strong balance sheet position keeps it well poised for growth.”
Several other research firms also recently weighed in on PNC. Morgan Stanley upped their price target on PNC Financial Services Group from $165.00 to $168.00 and gave the stock an “equal weight” rating in a research note on Friday, February 2nd. BMO Capital Markets restated a “buy” rating on shares of PNC Financial Services Group in a research note on Thursday, January 25th. Oppenheimer restated a “hold” rating on shares of PNC Financial Services Group in a research note on Tuesday, January 16th. Argus upped their price target on PNC Financial Services Group to $170.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Finally, Wells Fargo & Co set a $157.00 price target on PNC Financial Services Group and gave the stock a “hold” rating in a research note on Tuesday, January 16th. Nineteen research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $145.98.
PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, January 12th. The financial services provider reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.09. The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.15 billion. PNC Financial Services Group had a return on equity of 9.52% and a net margin of 29.60%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.97 EPS. sell-side analysts expect that PNC Financial Services Group will post 10.44 earnings per share for the current fiscal year.
In other news, insider E William Parsley III sold 46,307 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $143.43, for a total transaction of $6,641,813.01. Following the transaction, the insider now directly owns 132,544 shares of the company’s stock, valued at approximately $19,010,785.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $140.98, for a total value of $704,900.00. The disclosure for this sale can be found here. Insiders sold a total of 78,894 shares of company stock worth $11,430,513 over the last ninety days. 0.43% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of PNC Financial Services Group by 7.7% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 25,204 shares of the financial services provider’s stock valued at $3,637,000 after buying an additional 1,806 shares during the period. D.B. Root & Company LLC bought a new position in PNC Financial Services Group in the 4th quarter worth $2,669,000. Colonial Trust Advisors raised its holdings in PNC Financial Services Group by 43.7% in the 4th quarter. Colonial Trust Advisors now owns 63,440 shares of the financial services provider’s stock worth $9,154,000 after purchasing an additional 19,278 shares during the period. Xact Kapitalforvaltning AB raised its holdings in PNC Financial Services Group by 7.2% in the 4th quarter. Xact Kapitalforvaltning AB now owns 76,553 shares of the financial services provider’s stock worth $11,046,000 after purchasing an additional 5,153 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in PNC Financial Services Group by 28.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 65,959 shares of the financial services provider’s stock worth $9,519,000 after purchasing an additional 14,544 shares during the period. 80.87% of the stock is currently owned by hedge funds and other institutional investors.
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About PNC Financial Services Group
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.
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