Zacks Investment Research downgraded shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Shares of PNC Financial have outperformed the industry, so far, this year. The performance was supported by the company’s impressive earnings surprise history. It hasn’t missed the Zacks Consensus Estimate for earnings in any of the trailing four quarters. The company benefits from robust organic growth and strong balance sheet position. Further, we remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Its deal to acquire the commercial and vendor finance business of ECN Capital is anticipated to be marginally accretive to earnings in 2017. However, the company’s capital deployment activities do not seem sustainable. Also, a stretched valuation reflects limited upside potential.”

Other analysts have also recently issued research reports about the stock. Instinet dropped their price objective on shares of PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a neutral rating for the company in a research note on Friday, June 30th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a research note on Wednesday, June 14th. BMO Capital Markets restated a buy rating and set a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Wells Fargo & Company initiated coverage on shares of PNC Financial Services Group, Inc. (The) in a research note on Wednesday, August 9th. They issued a market perform rating and a $119.00 price target on the stock. Finally, Rafferty Capital Markets upgraded shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a research report on Monday, July 17th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. PNC Financial Services Group, Inc. (The) presently has a consensus rating of Hold and an average price target of $127.17.

Shares of PNC Financial Services Group, Inc. (PNC) traded up 0.38% during trading on Tuesday, reaching $134.69. The company’s stock had a trading volume of 509,121 shares. PNC Financial Services Group, Inc. has a 52 week low of $87.34 and a 52 week high of $135.73. The company has a market cap of $64.54 billion, a PE ratio of 17.14 and a beta of 0.95. The stock’s 50 day moving average price is $128.74 and its 200 day moving average price is $124.29.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter last year, the company posted $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s quarterly revenue was up 7.0% on a year-over-year basis. Equities research analysts predict that PNC Financial Services Group, Inc. will post $8.41 EPS for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.24%. PNC Financial Services Group, Inc. (The)’s payout ratio is currently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its board has initiated a stock buyback plan on Wednesday, June 28th that allows the company to buyback $2.70 billion in shares. This buyback authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the sale, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of PNC. Proficio Capital Partners LLC lifted its holdings in shares of PNC Financial Services Group, Inc. (The) by 1,365.4% during the 2nd quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 710 shares during the last quarter. Tower Research Capital LLC TRC grew its position in PNC Financial Services Group, Inc. (The) by 12.5% in the second quarter. Tower Research Capital LLC TRC now owns 821 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 91 shares in the last quarter. First Interstate Bank grew its position in 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 worth $115,000 after acquiring an additional 243 shares in the last quarter. Atlantic Trust LLC purchased a new position in PNC Financial Services Group, Inc. (The) in the second quarter worth $129,000. Finally, Quadrant Capital Group LLC grew its position in PNC Financial Services Group, Inc. (The) 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 acquiring an additional 4 shares in the last quarter. 80.80% of the stock is currently owned by hedge funds and other institutional investors.

About PNC Financial Services Group, Inc. (The)

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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