The PNC Financial Services Group (NYSE:PNC) Raised to “Buy” at Bank of America

Bank of America upgraded shares of The PNC Financial Services Group (NYSE:PNC) from a neutral rating to a buy rating in a research report report published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $200.00 price objective on the financial services provider’s stock, up from their previous price objective of $185.00.

A number of other analysts also recently weighed in on the stock. Royal Bank of Canada increased their target price on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an outperform rating in a research report on Wednesday, July 17th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a buy rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an underweight rating in a report on Tuesday, July 30th. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a neutral rating in a report on Wednesday, July 17th. Finally, Jefferies Financial Group boosted their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a hold rating in a research note on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $177.02.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $173.00 on Thursday. The business has a 50 day moving average of $165.06 and a 200-day moving average of $157.33. The company has a market capitalization of $68.84 billion, a P/E ratio of 14.53, a P/E/G ratio of 2.16 and a beta of 1.15. The PNC Financial Services Group has a 1 year low of $109.40 and a 1 year high of $182.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.36 EPS. On average, equities research analysts predict that The PNC Financial Services Group will post 13.13 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were paid a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. This represents a $6.40 annualized dividend and a yield of 3.70%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the sale, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The disclosure for this sale can be found here. Insiders have sold 21,537 shares of company stock worth $3,758,458 in the last 90 days. Insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Large investors have recently added to or reduced their stakes in the company. Quarry LP lifted its stake in shares of The PNC Financial Services Group by 141.7% during the 2nd quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after buying an additional 170 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in The PNC Financial Services Group by 9.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 39,397 shares of the financial services provider’s stock valued at $6,125,000 after acquiring an additional 3,240 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of The PNC Financial Services Group by 31.0% in the second quarter. NewEdge Advisors LLC now owns 32,794 shares of the financial services provider’s stock worth $5,099,000 after acquiring an additional 7,765 shares during the period. Ascent Group LLC grew its position in shares of The PNC Financial Services Group by 11.3% in the second quarter. Ascent Group LLC now owns 7,594 shares of the financial services provider’s stock valued at $1,181,000 after purchasing an additional 768 shares in the last quarter. Finally, Kathmere Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 25.3% during the 2nd quarter. Kathmere Capital Management LLC now owns 6,792 shares of the financial services provider’s stock valued at $1,056,000 after purchasing an additional 1,372 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.