PNC Financial Services Group (PNC) Cut to “Market Perform” at BMO Capital Markets
BMO Capital Markets downgraded shares of PNC Financial Services Group (NYSE:PNC) from an outperform rating to a market perform rating in a research note issued to investors on Monday morning, The Fly reports. They currently have $139.00 target price on the financial services provider’s stock. The analysts noted that the move was a valuation call.
Several other equities analysts also recently commented on the company. ValuEngine upgraded PNC Financial Services Group from a sell rating to a hold rating in a research note on Thursday, November 1st. UBS Group set a $137.00 price objective on PNC Financial Services Group and gave the company a hold rating in a research note on Monday, October 15th. Nomura dropped their price objective on PNC Financial Services Group from $162.00 to $140.00 and set a neutral rating on the stock in a research note on Monday, October 15th. Morgan Stanley dropped their price objective on 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. Finally, Deutsche Bank upgraded PNC Financial Services Group from a hold rating to a buy rating in a research note on Monday, October 15th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $155.50.
Shares of NYSE PNC opened at $135.30 on Monday. PNC Financial Services Group has a twelve month low of $116.55 and a twelve month high of $163.59. The company has a market capitalization of $62.93 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. 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 announced that its Board of Directors has initiated a share repurchase plan 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 reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a yield of 2.81%. PNC Financial Services Group’s payout ratio is 44.71%.
In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the business’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the sale, the executive vice president now owns 131,020 shares of the company’s stock, valued at approximately $18,406,999.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Paradigm Asset Management Co. LLC bought a new position in shares of PNC Financial Services Group in the third quarter worth $3,772,000. B. Riley Wealth Management Inc. bought a new position in shares of PNC Financial Services Group in the third quarter worth $224,000. Teachers Advisors LLC increased its holdings in shares of PNC Financial Services Group by 0.6% in the third quarter. Teachers Advisors LLC now owns 1,235,622 shares of the financial services provider’s stock worth $168,279,000 after purchasing an additional 6,913 shares during the period. Neuberger Berman Group LLC increased its holdings in shares of PNC Financial Services Group by 4.0% in the third quarter. Neuberger Berman Group LLC now owns 1,404,435 shares of the financial services provider’s stock worth $191,270,000 after purchasing an additional 53,775 shares during the period. Finally, Kentucky Retirement Systems bought a new position in shares of PNC Financial Services Group in the third quarter worth $3,408,000. 79.09% of the stock is currently owned by institutional investors and hedge funds.
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.
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