PNC Financial Services Group Inc. (PNC) Stock Rating Upgraded by BMO Capital Markets
PNC Financial Services Group Inc. (NYSE:PNC) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued on Monday. The firm presently has a $101.00 price target on the stock, up from their previous price target of $94.00. BMO Capital Markets’ price objective suggests a potential upside of 11.78% from the company’s current price. The analysts noted that the move was a valuation call.
Other research analysts also recently issued reports about the stock. Wells Fargo & Co. reissued a “hold” rating on shares of PNC Financial Services Group in a research note on Saturday, July 9th. Argus started coverage on shares of PNC Financial Services Group in a research note on Monday, July 18th. They set a “hold” rating on the stock. Vetr cut shares of PNC Financial Services Group from a “strong-buy” rating to a “buy” rating and set a $89.00 target price on the stock. in a report on Thursday, July 7th. Piper Jaffray Cos. restated an “overweight” rating and issued a $97.00 target price (up previously from $96.00) on shares of PNC Financial Services Group in a report on Monday, July 18th. Finally, Jefferies Group restated a “hold” rating and issued a $91.00 target price on shares of PNC Financial Services Group in a report on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $96.50.
PNC Financial Services Group (NYSE:PNC) opened at 90.36 on Monday. The firm’s 50-day moving average is $87.43 and its 200 day moving average is $85.63. The firm has a market cap of $44.40 billion, a P/E ratio of 12.47 and a beta of 0.88. PNC Financial Services Group has a 12-month low of $77.40 and a 12-month high of $97.50.
PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, July 15th. The company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.75 by $0.07. The firm had revenue of $3.79 billion for the quarter. PNC Financial Services Group had a net margin of 24.32% and a return on equity of 9.22%. The company’s revenue was down 1.9% compared to the same quarter last year. During the same period last year, the business posted $1.88 earnings per share. Equities analysts forecast that PNC Financial Services Group will post $7.10 earnings per share for the current year.
In other news, Director Daniel Hesse purchased 500 shares of the business’s stock in a transaction on Thursday, July 21st. The stock was acquired at an average cost of $82.44 per share, for a total transaction of $41,220.00. Following the purchase, the director now directly owns 1,100 shares in the company, valued at approximately $90,684. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael J. Hannon sold 33,000 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $86.49, for a total value of $2,854,170.00. Following the sale, the insider now owns 87,573 shares of the company’s stock, valued at $7,574,188.77. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. purchased a new stake in PNC Financial Services Group during the second quarter worth about $126,658,000. Massachusetts Financial Services Co. MA increased its stake in PNC Financial Services Group by 22.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,709,313 shares of the company’s stock worth $627,462,000 after buying an additional 1,395,872 shares in the last quarter. Cohen & Steers Inc. increased its stake in PNC Financial Services Group by 1,098.6% in the second quarter. Cohen & Steers Inc. now owns 1,371,150 shares of the company’s stock worth $156,339,000 after buying an additional 1,256,750 shares in the last quarter. Bank of Montreal Can purchased a new stake in PNC Financial Services Group during the second quarter worth about $78,133,000. Finally, American Century Companies Inc. increased its stake in PNC Financial Services Group by 15.6% in the second quarter. American Century Companies Inc. now owns 6,655,625 shares of the company’s stock worth $541,701,000 after buying an additional 897,284 shares in the last quarter. Institutional investors and hedge funds own 80.21% of the company’s stock.
About PNC Financial Services Group
The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.
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