Instinet Reiterates Neutral Rating for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

Instinet restated their neutral rating on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a research report sent to investors on Wednesday morning. The firm currently has a $126.00 target price on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. Zacks Investment Research lowered PNC Financial Services Group, Inc. (The) from a buy rating to a hold rating in a research report on Monday, July 10th. BidaskClub raised PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a research report on Wednesday, July 5th. BMO Capital Markets reaffirmed a buy rating and issued a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Royal Bank Of Canada reissued a buy rating and issued a $130.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 15th. Finally, Jefferies Group LLC reissued a hold rating and issued a $136.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 8th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $120.97.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) opened at 127.36 on Wednesday. The company has a market cap of $61.63 billion, a price-to-earnings ratio of 16.80 and a beta of 0.93. The stock has a 50 day moving average of $121.09 and a 200 day moving average of $120.99. PNC Financial Services Group, Inc. has a 1-year low of $81.35 and a 1-year high of $131.83.

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 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 return on equity of 9.17% and a net margin of 24.50%. PNC Financial Services Group, Inc. (The)’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.82 EPS. On average, equities analysts forecast that PNC Financial Services Group, Inc. will post $8.28 EPS for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Investors of record on Monday, July 17th will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, July 13th. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.36%. PNC Financial Services Group, Inc. (The)’s payout ratio is 38.12%.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Several hedge funds and other institutional investors have recently made changes to their positions in PNC. First Interstate Bank increased its position in shares of 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 period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter worth about $117,000. Ledyard National Bank increased its position in shares of 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 period. Pinnacle Bank bought a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth about $157,000. Finally, Quadrant Capital Group LLC increased its position 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 worth $162,000 after buying an additional 39 shares during the period. Institutional investors own 81.02% 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.

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