Zacks Investment Research upgraded shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) from a hold rating to a buy rating in a research report report published on Friday. The brokerage currently has $143.00 price objective on the financial services provider’s stock.

According to Zacks, “PNC Financial’s shares outperformed the industry, over the last one year. The company’s second-quarter 2017 earnings beat the Zacks Consensus Estimate. Higher revenues aided by loan growth was recorded. Though expenses escalated in the quarter, we remain encouraged by the company’s efforts to generate positive operating leverage through its cost-saving initiatives. Further, its deal to acquire the commercial and vendor finance business of ECN Capital is anticipated to be marginally accretive to earnings in 2017. Also, ease of regulations is likely to support profitability.  In addition, the company increased its prime lending rate to 4.25% following the latest Fed rate hike with easing margin pressure. Notably, following Fed's approval of 2017 capital plan, the company hiked its quarterly dividend by 36%.”

Several other equities analysts have also weighed in on PNC. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $129.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, July 14th. BidaskClub lowered shares of PNC Financial Services Group, Inc. (The) from a buy rating to a hold rating in a report on Thursday, July 27th. Rafferty Capital Markets raised shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a report on Monday, July 17th. Nomura lifted their target price on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the company a neutral rating in a report on Monday, July 17th. Finally, Instinet reaffirmed a neutral rating and set a $126.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) has a consensus rating of Hold and a consensus target price of $121.62.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded up 0.70% during mid-day trading on Friday, reaching $129.70. 809,346 shares of the company’s stock were exchanged. PNC Financial Services Group, Inc. has a one year low of $81.35 and a one year high of $131.83. The company has a market capitalization of $62.26 billion, a PE ratio of 16.51 and a beta of 0.93. The company’s 50-day moving average price is $125.20 and its 200-day moving average price is $122.52.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. On average, equities analysts expect that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

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PNC Financial Services Group, Inc. (The) declared that its board has approved a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 17th will be given a $0.75 dividend. The ex-dividend date is Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.33%. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PNC. First Interstate Bank boosted 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 buying an additional 243 shares during the last quarter. Ledyard National Bank boosted its position in PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock worth $142,000 after buying an additional 995 shares during the last quarter. Pinnacle Bank bought a new position in PNC Financial Services Group, Inc. (The) during the first quarter worth approximately $157,000. Quadrant Capital Group LLC boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock valued at $162,000 after buying an additional 39 shares in the last quarter. Finally, Jacobus Wealth Management Inc. boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares in the last quarter. 81.64% of the stock is currently owned by institutional investors.

PNC Financial Services Group, Inc. (The) 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.

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Analyst Recommendations for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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