PNC Financial Services Group (PNC) Downgraded to “Buy” at Goldman Sachs Group

Goldman Sachs Group cut shares of PNC Financial Services Group (NYSE:PNC) from a conviction-buy rating to a buy rating in a report issued on Thursday.

A number of other equities research analysts also recently weighed in on PNC. Zacks Investment Research downgraded shares of PNC Financial Services Group from a buy rating to a hold rating in a research report on Tuesday, September 12th. Deutsche Bank restated a hold rating and set a $136.00 price objective (up from $130.00) on shares of PNC Financial Services Group in a research report on Tuesday, September 26th. Nomura boosted their price objective on shares of PNC Financial Services Group from $129.00 to $132.00 and gave the company a neutral rating in a research report on Thursday, September 28th. Instinet restated a neutral rating and set a $132.00 price objective (up from $129.00) on shares of PNC Financial Services Group in a research report on Saturday, September 30th. Finally, Robert W. Baird restated a buy rating and set a $135.00 price objective on shares of PNC Financial Services Group in a research report on Sunday, October 1st. Sixteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. PNC Financial Services Group has a consensus rating of Hold and an average target price of $141.08.

PNC Financial Services Group (NYSE:PNC) traded up $0.01 during midday trading on Thursday, hitting $144.60. 3,292,500 shares of the stock were exchanged, compared to its average volume of 2,846,833. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.24. PNC Financial Services Group has a 52 week low of $113.66 and a 52 week high of $147.28. The firm has a market capitalization of $68,640.00, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 1.71 and a beta of 0.90.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.03. PNC Financial Services Group had a net margin of 24.61% and a return on equity of 9.29%. The company had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.09 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. research analysts predict that PNC Financial Services Group will post 8.44 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, February 5th. Stockholders of record on Wednesday, January 17th will be issued a dividend of $0.75 per share. The ex-dividend date is Tuesday, January 16th. This represents a $3.00 annualized dividend and a dividend yield of 2.07%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 22.53%.

In other news, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction on Thursday, October 19th. The shares were sold at an average price of $135.00, for a total transaction of $675,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider E William Parsley III sold 25,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $138.68, for a total transaction of $3,467,000.00. The disclosure for this sale can be found here. Insiders have sold 108,523 shares of company stock valued at $15,392,168 over the last quarter. Company insiders own 0.43% of the company’s stock.

Several large investors have recently made changes to their positions in PNC. Quadrant Capital Group LLC grew its stake in shares of PNC Financial Services Group by 0.3% in the second quarter. Quadrant Capital Group LLC now owns 1,417 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 4 shares during the last quarter. Hudock Capital Group LLC grew its stake in shares of PNC Financial Services Group by 0.4% in the second quarter. Hudock Capital Group LLC now owns 2,692 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 11 shares during the last quarter. Green Square Capital LLC grew its stake in shares of PNC Financial Services Group by 0.4% in the second quarter. Green Square Capital LLC now owns 4,147 shares of the financial services provider’s stock worth $518,000 after purchasing an additional 18 shares during the last quarter. First Interstate Bank grew its stake in shares of PNC Financial Services Group by 2.6% in the second quarter. First Interstate Bank now owns 982 shares of the financial services provider’s stock worth $123,000 after purchasing an additional 25 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of PNC Financial Services Group by 2.0% in the second quarter. Cetera Investment Advisers now owns 2,364 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 81.48% of the company’s stock.

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PNC Financial Services Group 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 (NYSE:PNC)

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