PNC Financial Services Group, Inc. (The)’s (NYSE:PNC) “Neutral” Rating Reaffirmed at Instinet

Instinet reiterated their neutral rating on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a research note released on Wednesday, July 12th. Instinet currently has a $126.00 target price on the financial services provider’s stock.

Several other analysts have also recently issued reports on PNC. BidaskClub upgraded shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a research report on Wednesday, June 14th. Zacks Investment Research cut shares of PNC Financial Services Group, Inc. (The) from a buy rating to a hold rating in a research report on Monday, July 10th. Royal Bank Of Canada restated a buy rating and set a $130.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 15th. Keefe, Bruyette & Woods set a $125.00 price objective on shares of PNC Financial Services Group, Inc. (The) and gave the stock a hold rating in a research report on Friday, May 19th. Finally, Jefferies Group LLC reissued a hold rating and issued a $136.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $122.57.

Shares of PNC Financial Services Group, Inc. (PNC) traded down 0.73% on Wednesday, hitting $128.05. The stock had a trading volume of 2,931,654 shares. The company has a 50-day moving average of $127.20 and a 200 day moving average of $123.30. The company has a market capitalization of $61.36 billion, a price-to-earnings ratio of 16.30 and a beta of 0.93. PNC Financial Services Group, Inc. has a 52 week low of $84.97 and a 52 week high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations 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 revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.82 EPS. On average, equities research analysts predict that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

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The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were paid a $0.75 dividend. This represents a $3.00 annualized dividend 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 was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is 38.12%.

PNC Financial Services Group, Inc. (The) declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is available at this link. Also, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was 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 of the company’s stock, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Worth Venture Partners LLC acquired a new position in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter valued at about $209,000. Barings LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 71.7% in the fourth quarter. Barings LLC now owns 44,979 shares of the financial services provider’s stock valued at $5,261,000 after buying an additional 18,780 shares during the period. Pinnacle Financial Partners Inc. acquired a new position in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter valued at about $313,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter valued at about $117,000. Finally, Castleark Management LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 76.5% in the fourth quarter. Castleark Management LLC now owns 70,600 shares of the financial services provider’s stock valued at $8,257,000 after buying an additional 30,600 shares during the period. 81.49% of the stock is owned by institutional investors and hedge funds.

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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