PNC Financial Services Group, Inc. (The) (NYSE:PNC) Upgraded to “Buy” by Rafferty Capital Markets

Rafferty Capital Markets upgraded shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) from a hold rating to a buy rating in a research note issued to investors on Monday morning.

Other analysts also recently issued research reports about the company. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating and set a $136.00 price target on the stock in a research note on Tuesday, May 30th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a hold rating to a buy rating in a research note on Wednesday, June 14th. Royal Bank Of Canada restated a buy rating and issued a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 15th. BMO Capital Markets restated a buy rating and issued a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, June 23rd. Finally, Barclays PLC upped their price target on PNC Financial Services Group, Inc. (The) from $125.00 to $130.00 and gave the stock an equal weight rating in a research note on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $121.07.

PNC Financial Services Group, Inc. (PNC) traded up 0.29% on Monday, hitting $125.94. The stock had a trading volume of 674,799 shares. The stock has a 50 day moving average price of $123.20 and a 200 day moving average price of $121.96. PNC Financial Services Group, Inc. has a 1-year low of $81.35 and a 1-year high of $131.83. The company has a market cap of $60.45 billion, a P/E ratio of 16.03 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.82 EPS. On average, equities research analysts expect that PNC Financial Services Group, Inc. will post $8.37 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, August 7th. Stockholders of record on Monday, July 17th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.39%. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $2.70 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional investors have recently added to or reduced their stakes in the stock. Chesley Taft & Associates LLC purchased a new position in PNC Financial Services Group, Inc. (The) during the first quarter valued at $1,055,000. Creative Planning boosted its position in shares of PNC Financial Services Group, Inc. (The) by 1.2% in the first quarter. Creative Planning now owns 22,435 shares of the financial services provider’s stock worth $2,698,000 after buying an additional 268 shares in the last quarter. CT Financial Advisors LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 4.7% in the first quarter. CT Financial Advisors LLC now owns 1,858 shares of the financial services provider’s stock worth $223,000 after buying an additional 83 shares in the last quarter. Catawba Capital Management VA boosted its position in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the first quarter. Catawba Capital Management VA now owns 20,641 shares of the financial services provider’s stock worth $2,482,000 after buying an additional 60 shares in the last quarter. Finally, Manning & Napier Advisors LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 2.5% in the first quarter. Manning & Napier Advisors LLC now owns 64,944 shares of the financial services provider’s stock worth $7,807,000 after buying an additional 1,557 shares in the last quarter. 81.02% of the stock is currently owned by hedge funds and other institutional investors.

PNC Financial Services Group, Inc. (The) Company Profile

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.

Analyst Recommendations for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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