PNC Financial Services Group (NYSE:PNC) demoted by Raymond James to Market Perform


PNC Financial Services Group (NYSE: PNC – Get a Review) was downgraded by Raymond James from an “outperforming” rating to a “market performing” rating in a research note released Thursday, Marketbeat Ratings reports.

A number of other brokerages also commented on PNC. Morgan Stanley lowered its price target on PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating on the stock in a Monday, March 28 report. Argus lowered its price target on PNC Financial Services Group from $245.00 to $220.00 in a Monday, April 18 report. Piper Sandler lowered its price target on PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a Friday, April 1, report. Wolfe Research lowered its price target on PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a Thursday, May 26 report. Finally, Wells Fargo & Company cut its price target on PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating for the company in a Friday, July 1 research report. One equity research analyst gave the stock a sell rating, ten issued a hold rating and six gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $214.40.

PNC stock opened at $161.38 on Thursday. PNC Financial Services Group has a 12-month low of $149.51 and a 12-month high of $228.14. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt ratio of 0.54. The stock’s 50-day moving average is $162.88 and its 200-day moving average is $184.80. The company has a market capitalization of $66.74 billion, a PE ratio of 13.65, a P/E/G ratio of 2.21 and a beta of 1.24.

PNC Financial Services Group (NYSE:PNC – Get Rating) last released its results on Thursday, April 14. The financial services provider reported earnings per share of $3.29 for the quarter, beating analyst consensus estimates of $2.78 by $0.51. The PNC Financial Services group achieved a return on equity of 12.43% and a net margin of 26.14%. The company posted revenue of $4.69 billion for the quarter, versus analyst estimates of $4.72 billion. In the same quarter last year, the company earned earnings per share of $4.10. The company’s revenue for the quarter increased 11.2% year over year. On average, equity research analysts expect PNC Financial Services Group to post earnings per share of 14.2 for the current fiscal year.

In other news from The PNC Financial Services Group, EVP Guild Deborah sold 1,257 shares of The PNC Financial Services Group in a trade dated Tuesday, May 3. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the sale, the executive vice president now owns 23,360 shares of the company, valued at $3,984,281.60. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, director Robert A. Niblock purchased 2,000 shares of the company in a trade on Friday, May 6. The shares were purchased at an average cost of $167.07 per share, with a total value of $334,140.00. Following the purchase, the director now owns 6,063 shares of the company, valued at $1,012,945.41. Disclosure of this purchase can be found here. 0.34% of the shares are currently held by insiders of the company.

Hedge funds have recently changed their stakes in the company. Citizens National Bank Trust Department purchased a new stake in The PNC Financial Services Group during the fourth quarter for a value of approximately $28,000. Retirement Planning Co of New England Inc. bought a new stake in shares of The PNC Financial Services Group in Q4, valued at around $30,000. Mascoma Wealth Management LLC increased its stake in shares of The PNC Financial Services Group by 89.8% in the 1st quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider valued at $31,000 after acquiring 79 additional shares in the last quarter. Guardian Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group in Q4, valued at approximately $32,000. Finally, Covestor Ltd purchased a new stake in shares of The PNC Financial Services Group in Q4 worth approximately $40,000. 83.54% of the shares are held by hedge funds and other institutional investors.

About PNC Financial Services Group (Get an assessment)

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.

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Stephen V. Lee