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

Bank of America downgraded shares of PNC Financial Services Group (NYSE:PNC) from a buy rating to a neutral rating in a report published on Thursday morning, MarketBeat reports.

PNC has been the topic of a number of other reports. ValuEngine raised shares of PNC Financial Services Group from a sell rating to a hold rating in a research note on Thursday, November 1st. Goldman Sachs Group downgraded shares of PNC Financial Services Group from a buy rating to a neutral rating and reduced their price target for the company from $154.00 to $144.00 in a research note on Monday, January 7th. Morgan Stanley reduced their price target on shares of PNC Financial Services Group from $168.00 to $160.00 and set an equal weight rating on the stock in a research note on Monday, October 15th. Credit Suisse Group reduced their price target on shares of PNC Financial Services Group from $150.00 to $146.00 and set a neutral rating on the stock in a research note on Friday, December 7th. Finally, Vining Sparks reissued a buy rating and issued a $160.00 price target on shares of PNC Financial Services Group in a research note on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. PNC Financial Services Group presently has a consensus rating of Hold and an average target price of $149.54.

PNC Financial Services Group stock opened at $120.05 on Thursday. The company has a market capitalization of $55.74 billion, a PE ratio of 14.12, a P/E/G ratio of 1.13 and a beta of 1.03. PNC Financial Services Group has a 1 year low of $108.45 and a 1 year high of $163.59. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.11.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.73 by $0.09. The business had revenue of $4.36 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $2.16 EPS. On average, research analysts forecast that PNC Financial Services Group will post 10.74 EPS for the current year.

PNC Financial Services Group announced that its Board of Directors has authorized a stock repurchase program on Thursday, November 8th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 5th. Investors of record on Thursday, January 17th will be paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Wednesday, January 16th. PNC Financial Services Group’s payout ratio is currently 44.71%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Hawaiian Bank increased its position in shares of PNC Financial Services Group by 45.3% in the 4th quarter. First Hawaiian Bank now owns 4,871 shares of the financial services provider’s stock valued at $570,000 after purchasing an additional 1,518 shares during the last quarter. United Capital Management of KS Inc. increased its position in shares of PNC Financial Services Group by 2.3% in the 4th quarter. United Capital Management of KS Inc. now owns 5,584 shares of the financial services provider’s stock valued at $653,000 after purchasing an additional 125 shares during the last quarter. Webster Bank N. A. increased its position in shares of PNC Financial Services Group by 3.7% in the 4th quarter. Webster Bank N. A. now owns 16,885 shares of the financial services provider’s stock valued at $1,974,000 after purchasing an additional 608 shares during the last quarter. CHICAGO TRUST Co NA increased its position in shares of PNC Financial Services Group by 15.4% in the 4th quarter. CHICAGO TRUST Co NA now owns 7,863 shares of the financial services provider’s stock valued at $919,000 after purchasing an additional 1,049 shares during the last quarter. Finally, USS Investment Management Ltd increased its position in shares of PNC Financial Services Group by 0.6% in the 4th quarter. USS Investment Management Ltd now owns 195,200 shares of the financial services provider’s stock valued at $22,816,000 after purchasing an additional 1,100 shares during the last quarter. 79.39% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Article: What Is An Exchange-Traded Fund (ETF)?

Analyst Recommendations for PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply