PNC Financial Services Group (PNC) Stock Rating Lowered by Bank of America

Bank of America cut shares of PNC Financial Services Group (NYSE:PNC) from a buy rating to a neutral rating in a report issued on Thursday, Marketbeat.com reports.

A number of other analysts have also recently weighed in on the stock. Deutsche Bank upgraded shares of PNC Financial Services Group from a hold rating to a buy rating in a research note on Monday, October 15th. Sanford C. Bernstein upgraded shares of PNC Financial Services Group from a market perform rating to an outperform rating and reduced their target price for the stock from $158.00 to $145.00 in a research note on Monday, October 15th. ValuEngine cut shares of PNC Financial Services Group from a hold rating to a sell rating in a research note on Friday, October 12th. Nomura reduced their target price on shares of PNC Financial Services Group from $162.00 to $140.00 and set a neutral rating for the company in a research note on Monday, October 15th. Finally, BMO Capital Markets reduced their target price on shares of PNC Financial Services Group to $139.00 and set an outperform rating for the company in a research note on Monday, October 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $149.54.

Shares of NYSE:PNC opened at $120.05 on Thursday. The firm has a market cap of $55.74 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.13 and a beta of 1.03. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.11. PNC Financial Services Group has a 1-year low of $108.45 and a 1-year high of $163.59.



PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.73 by $0.09. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.32 billion. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. During the same quarter in the prior year, the business earned $2.16 EPS. As a group, research analysts expect that PNC Financial Services Group will post 10.74 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 5th. Stockholders of record on Thursday, January 17th will be issued a $0.95 dividend. The ex-dividend date is Wednesday, January 16th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.17%. PNC Financial Services Group’s dividend payout ratio is presently 44.71%.

PNC Financial Services Group declared that its Board of Directors has initiated a share buyback plan on Thursday, November 8th that authorizes the company to repurchase $900.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the company. Exencial Wealth Advisors LLC increased its holdings in shares of PNC Financial Services Group by 2.9% in the 3rd quarter. Exencial Wealth Advisors LLC now owns 29,614 shares of the financial services provider’s stock valued at $4,033,000 after purchasing an additional 847 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of PNC Financial Services Group by 29.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 420,480 shares of the financial services provider’s stock valued at $57,376,000 after purchasing an additional 95,532 shares in the last quarter. Paradigm Asset Management Co. LLC purchased a new position in shares of PNC Financial Services Group in the 3rd quarter valued at about $3,772,000. Bristlecone Advisors LLC increased its holdings in shares of PNC Financial Services Group by 62.3% in the 3rd quarter. Bristlecone Advisors LLC now owns 12,096 shares of the financial services provider’s stock valued at $1,647,000 after purchasing an additional 4,641 shares in the last quarter. Finally, Cardinal Capital Management Inc. increased its holdings in shares of PNC Financial Services Group by 6.1% in the 3rd quarter. Cardinal Capital Management Inc. now owns 69,510 shares of the financial services provider’s stock valued at $9,467,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors and hedge funds own 79.39% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, 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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