Credit Suisse Group Lowers PNC Financial Services Group (PNC) Price Target to $146.00
PNC Financial Services Group (NYSE:PNC) had its target price decreased by Credit Suisse Group from $150.00 to $146.00 in a research report report published on Friday morning, The Fly reports. Credit Suisse Group currently has a neutral rating on the financial services provider’s stock.
A number of other analysts also recently issued reports on the stock. Macquarie downgraded shares of PNC Financial Services Group from an outperform rating to a neutral rating in a report on Tuesday, November 27th. BMO Capital Markets downgraded shares of PNC Financial Services Group from an outperform rating to a market perform rating and set a $139.00 price objective on the stock. in a report on Monday, November 19th. They noted that the move was a valuation call. ValuEngine upgraded shares of PNC Financial Services Group from a sell rating to a hold rating in a report on Thursday, November 1st. UBS Group set a $137.00 price objective on shares of PNC Financial Services Group and gave the company a hold rating in a report on Monday, October 15th. Finally, Nomura lowered their price objective on shares of PNC Financial Services Group from $162.00 to $140.00 and set a neutral rating on the stock in a report on Monday, October 15th. Fourteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $155.53.
PNC stock traded down $2.75 during mid-day trading on Friday, hitting $126.56. 2,754,209 shares of the company were exchanged, compared to its average volume of 2,421,247. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.89 and a current ratio of 0.90. The company has a market capitalization of $59.67 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 1.27 and a beta of 0.92. PNC Financial Services Group has a 1-year low of $116.55 and a 1-year high of $163.59.
PNC Financial Services Group announced that its board has initiated a share buyback plan on Thursday, November 8th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In related 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 transaction, the executive vice president now directly owns 131,020 shares in the company, valued at $18,406,999.80. The sale was disclosed in a filing with the SEC, which is available through this link. 0.38% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of PNC. Stelac Advisory Services LLC acquired a new position in PNC Financial Services Group during the third quarter worth $118,000. Rational Advisors LLC increased its holdings in PNC Financial Services Group by 248.4% during the third quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock worth $122,000 after buying an additional 641 shares during the last quarter. TRUE Private Wealth Advisors acquired a new position in PNC Financial Services Group during the third quarter worth $127,000. Moneta Group Investment Advisors LLC acquired a new position in PNC Financial Services Group during the second quarter worth $143,000. Finally, Landaas & Co. WI ADV acquired a new position in PNC Financial Services Group during the second quarter worth $147,000. Institutional investors and hedge funds own 79.50% of the company’s stock.
PNC Financial Services Group Company Profile
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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