PNC Financial Services Group (NYSE:PNC) Rating Lowered to Outperform at Royal Bank of Canada

PNC Financial Services Group (NYSE:PNC) was downgraded by Royal Bank of Canada from a “top pick” rating to an “outperform” rating in a note issued to investors on Monday, The Fly reports.

A number of other analysts also recently commented on the company. Barclays set a $158.00 target price on PNC Financial Services Group and gave the stock a “hold” rating in a research note on Thursday, October 17th. UBS Group lifted their price target on PNC Financial Services Group from $142.00 to $146.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Wells Fargo & Co boosted their price target on PNC Financial Services Group from $134.00 to $147.00 and gave the company a “market perform” rating in a report on Thursday, October 17th. Odeon Capital Group initiated coverage on PNC Financial Services Group in a research report on Monday, November 25th. They issued a “hold” rating on the stock. Finally, Morgan Stanley reaffirmed a “hold” rating on shares of PNC Financial Services Group in a research note on Monday, November 18th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $144.17.

NYSE PNC opened at $153.81 on Monday. PNC Financial Services Group has a 1 year low of $108.45 and a 1 year high of $154.82. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.88 and a quick ratio of 0.87. The company has a market capitalization of $68.48 billion, a PE ratio of 14.36, a P/E/G ratio of 1.86 and a beta of 1.14. The company has a fifty day moving average of $149.96 and a 200 day moving average of $138.96.

PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $2.94 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.14. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.41 billion. PNC Financial Services Group had a return on equity of 10.94% and a net margin of 24.96%. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the firm earned $2.82 EPS. Research analysts expect that PNC Financial Services Group will post 11.35 earnings per share for the current year.

In other PNC Financial Services Group news, EVP Karen L. Larrimer sold 2,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $152.29, for a total transaction of $304,580.00. Following the transaction, the executive vice president now owns 21,172 shares in the company, valued at $3,224,283.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 17,132 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $135.11, for a total value of $2,314,704.52. Following the completion of the sale, the chief executive officer now directly owns 507,979 shares in the company, valued at $68,633,042.69. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,755 shares of company stock valued at $28,809,522. 0.37% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in PNC Financial Services Group by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 33,790,607 shares of the financial services provider’s stock worth $4,638,776,000 after acquiring an additional 209,303 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of PNC Financial Services Group by 39,296.7% in the second quarter. Nuveen Asset Management LLC now owns 4,683,480 shares of the financial services provider’s stock valued at $642,948,000 after purchasing an additional 4,671,592 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of PNC Financial Services Group by 2.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,073,877 shares of the financial services provider’s stock valued at $284,702,000 after purchasing an additional 43,908 shares during the period. APG Asset Management N.V. increased its stake in shares of PNC Financial Services Group by 6.0% during the second quarter. APG Asset Management N.V. now owns 1,743,614 shares of the financial services provider’s stock worth $210,189,000 after purchasing an additional 99,100 shares in the last quarter. Finally, Provident Trust Co. increased its stake in shares of PNC Financial Services Group by 4.6% during the third quarter. Provident Trust Co. now owns 1,708,966 shares of the financial services provider’s stock worth $239,529,000 after purchasing an additional 74,487 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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.

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