Equities researchers at Wells Fargo & Company began coverage on shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) in a report released on Wednesday, The Fly reports. The brokerage set a “market perform” rating on the financial services provider’s stock.

A number of other brokerages have also commented on PNC. Instinet dropped their target price on PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $136.00 target price on the stock in a research report on Tuesday, May 30th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, April 17th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $122.75.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.48% during trading on Wednesday, hitting $131.73. 2,168,869 shares of the stock traded hands. PNC Financial Services Group, Inc. has a 52-week low of $84.60 and a 52-week high of $132.67. The firm has a market cap of $63.23 billion, a price-to-earnings ratio of 16.76 and a beta of 0.93. The stock has a 50 day moving average of $126.06 and a 200 day moving average of $122.79.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates 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 company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.82 earnings per share. Analysts expect that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.70 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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In other news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the transaction, the insider now directly owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PNC. BlackRock Inc. increased 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 valued at $3,262,582,000 after buying an additional 26,208,815 shares in the last quarter. FMR LLC increased 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 valued at $1,654,586,000 after buying an additional 2,239,716 shares in the last quarter. Principal Financial Group Inc. increased 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 valued at $298,281,000 after buying an additional 1,686,944 shares in the last quarter. APG Asset Management N.V. increased 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 valued at $195,598,000 after buying an additional 1,193,335 shares in the last quarter. Finally, JPMorgan Chase & Co. increased 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 valued at $1,592,394,000 after buying an additional 875,164 shares in the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

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.

The Fly

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

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