PNC Financial Services Group (NYSE:PNC) Downgraded to “Outperform” at Royal Bank of Canada

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Royal Bank of Canada cut shares of PNC Financial Services Group (NYSE:PNC) from a top pick rating to an outperform rating in a research note released on Monday, Benzinga reports. The brokerage currently has $155.00 target price on the financial services provider’s stock.

Several other brokerages have also commented on PNC. Wells Fargo & Co lifted their price target on shares of PNC Financial Services Group from $134.00 to $147.00 and gave the stock a market perform rating in a research note on Thursday, October 17th. Zacks Investment Research downgraded shares of PNC Financial Services Group from a hold rating to a sell rating and set a $147.00 price objective for the company. in a research note on Tuesday, October 1st. UBS Group raised their price objective on PNC Financial Services Group from $142.00 to $146.00 and gave the stock a neutral rating in a report on Monday, October 21st. Robert W. Baird set a $141.00 price objective on PNC Financial Services Group and gave the stock a buy rating in a report on Monday, August 26th. Finally, Morgan Stanley reiterated a hold rating on shares of PNC Financial Services Group in a research report on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $144.63.

PNC Financial Services Group stock traded up $0.21 during mid-day trading on Monday, hitting $153.91. The company had a trading volume of 490,827 shares, compared to its average volume of 1,567,080. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.10. PNC Financial Services Group has a 1 year low of $108.45 and a 1 year high of $154.82. The business has a fifty day moving average of $150.59 and a 200 day moving average of $139.30. The stock has a market cap of $68.48 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.86 and a beta of 1.14.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $2.94 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.14. PNC Financial Services Group had a net margin of 24.96% and a return on equity of 10.94%. The business had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same quarter in the previous year, the firm earned $2.82 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. Equities analysts anticipate that PNC Financial Services Group will post 11.35 earnings per share for the current year.

In other PNC Financial Services Group news, EVP E William Parsley III sold 20,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $152.20, for a total transaction of $3,044,000.00. Also, CEO William S. Demchak sold 17,132 shares of PNC Financial Services Group stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $135.11, for a total transaction of $2,314,704.52. Following the completion of the transaction, the chief executive officer now owns 507,979 shares in the company, valued at $68,633,042.69. The disclosure for this sale can be found here. Insiders sold a total of 191,755 shares of company stock worth $28,809,522 over the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Large investors have recently made changes to their positions in the company. Brightworth grew its holdings in PNC Financial Services Group by 4.1% during the second quarter. Brightworth now owns 1,784 shares of the financial services provider’s stock worth $245,000 after acquiring an additional 70 shares during the period. City Holding Co. grew its stake in shares of PNC Financial Services Group by 1.7% during the 3rd quarter. City Holding Co. now owns 4,273 shares of the financial services provider’s stock worth $599,000 after purchasing an additional 72 shares during the period. Canal Capital Management LLC grew its stake in shares of PNC Financial Services Group by 0.8% during the 3rd quarter. Canal Capital Management LLC now owns 9,278 shares of the financial services provider’s stock worth $1,300,000 after purchasing an additional 73 shares during the period. SevenBridge Financial Group LLC grew its stake in shares of PNC Financial Services Group by 0.5% during the 3rd quarter. SevenBridge Financial Group LLC now owns 14,576 shares of the financial services provider’s stock worth $2,043,000 after purchasing an additional 75 shares during the period. Finally, Trust Co. of Vermont increased its holdings in shares of PNC Financial Services Group by 1.4% in the 3rd quarter. Trust Co. of Vermont now owns 5,567 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 75 shares in the last quarter. 79.43% of the stock is owned by institutional investors and hedge funds.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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.

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

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