PNC Financial Services Group, Inc. (The) (PNC) Receives Equal Weight Rating from Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a research note issued to investors on Monday, July 17th. Morgan Stanley currently has a $127.00 price objective on the financial services provider’s stock, up from their prior price objective of $121.00.

Several other analysts have also issued reports on the stock. Nomura upped their price target on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a neutral rating in a research report on Monday, July 17th. Rafferty Capital Markets raised shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a research report on Monday, July 17th. Credit Suisse Group reaffirmed a neutral rating and set a $126.00 price target (up from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, July 17th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $129.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, July 14th. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $122.57.

PNC Financial Services Group, Inc. (NYSE:PNC) traded down 0.73% on Monday, reaching $128.05. 2,931,654 shares of the company were exchanged. The firm has a market capitalization of $61.36 billion, a PE ratio of 16.30 and a beta of 0.93. The stock has a 50 day moving average of $127.20 and a 200 day moving average of $123.30. PNC Financial Services Group, Inc. has a 12-month low of $84.60 and a 12-month high of $133.26.

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 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same period in the prior year, the firm posted $1.82 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.34%. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $2.70 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

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

Large investors have recently made changes to their positions in the company. Chesley Taft & Associates LLC purchased a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth about $1,055,000. Creative Planning boosted its position in PNC Financial Services Group, Inc. (The) by 1.2% in the first quarter. Creative Planning now owns 22,435 shares of the financial services provider’s stock worth $2,698,000 after buying an additional 268 shares during the period. CT Financial Advisors LLC boosted its position in PNC Financial Services Group, Inc. (The) by 4.7% in the first quarter. CT Financial Advisors LLC now owns 1,858 shares of the financial services provider’s stock worth $223,000 after buying an additional 83 shares during the period. Catawba Capital Management VA boosted its position in PNC Financial Services Group, Inc. (The) by 0.3% in the first quarter. Catawba Capital Management VA now owns 20,641 shares of the financial services provider’s stock worth $2,482,000 after buying an additional 60 shares during the period. Finally, Manning & Napier Advisors LLC boosted its position in PNC Financial Services Group, Inc. (The) by 2.5% in the first quarter. Manning & Napier Advisors LLC now owns 64,944 shares of the financial services provider’s stock worth $7,807,000 after buying an additional 1,557 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.

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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