Morgan Stanley Reaffirms Equal Weight Rating for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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

Several other equities analysts have also recently weighed in on PNC. 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 note on Wednesday, April 5th. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating and set a $133.00 target price for the company in a research note on Tuesday, April 11th. Hilliard Lyons raised shares of PNC Financial Services Group, Inc. (The) from an underperform rating to a hold rating and decreased their target price for the company from $127.00 to $123.00 in a research note on Monday, April 17th. Rafferty Capital Markets cut shares of PNC Financial Services Group, Inc. (The) from a buy rating to a hold rating and set a $121.00 price objective for the company. in a research report on Monday, April 17th. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, April 17th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. PNC Financial Services Group, Inc. (The) currently has a consensus rating of Hold and an average target price of $122.57.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) opened at 128.05 on Monday. PNC Financial Services Group, Inc. has a 52-week low of $84.97 and a 52-week high of $133.26. The firm 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 P/E ratio of 16.30 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released 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. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. During the same period last year, the business earned $1.82 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. On average, analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

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

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 shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the transaction, the insider now owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNC. BlackRock Inc. boosted its position in PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock worth $3,262,582,000 after buying an additional 26,208,815 shares in the last quarter. FMR LLC boosted its position in PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock worth $1,654,586,000 after buying an additional 2,239,716 shares in the last quarter. Principal Financial Group Inc. boosted its position in PNC Financial Services Group, Inc. (The) by 240.4% in the second quarter. Principal Financial Group Inc. now owns 2,388,736 shares of the financial services provider’s stock worth $298,281,000 after buying an additional 1,686,944 shares in the last quarter. APG Asset Management N.V. boosted its position in PNC Financial Services Group, Inc. (The) by 275.3% in the first quarter. APG Asset Management N.V. now owns 1,626,728 shares of the financial services provider’s stock worth $195,598,000 after buying an additional 1,193,335 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in PNC Financial Services Group, Inc. (The) by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 12,752,413 shares of the financial services provider’s stock worth $1,592,394,000 after buying an additional 875,164 shares in the last quarter. 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.

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