PNC Financial Services Group Receives “Neutral” Rating from Zacks (PNC)

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PNC Financial Services Group (NYSE:PNC)‘s stock had its “neutral” rating restated by Zacks in a report issued on Monday. They currently have a $87.00 price objective on the stock. Zacks‘s price objective points to a potential upside of 5.10% from the company’s current price.

Zacks’ analyst wrote, “PNC Financial’s first-quarter 2014 earnings outpaced the Zacks Consensus Estimate. Results were aided by lower provision for credit losses and declining expenses. Moreover, improved credit quality and strong capital ratios acted as the tailwinds. We believe that PNC Financial is well positioned to grow, given its diverse revenue mix, balance sheet strengthening efforts, strategic acquisitions and solid capital levels. Moreover, the company’s acquisition of RBC Bank (USA) was accretive to its earnings, excluding integration costs. However, a tepid economic recovery, a persistent low interest rate environment and increased regulatory headwinds remain concerns.”

Other equities research analysts have also recently issued reports about the stock. Analysts at Nomura initiated coverage on shares of PNC Financial Services Group in a research note on Wednesday, May 14th. They set a “buy” rating and a $105.00 price target on the stock. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of PNC Financial Services Group in a research note on Thursday, April 24th. They now have a $94.00 price target on the stock. Finally, analysts at Keefe, Bruyette & Woods raised their price target on shares of PNC Financial Services Group from $88.00 to $90.00 in a research note on Monday, April 21st. Eleven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $89.34.

PNC Financial Services Group (NYSE:PNC) traded up 0.34% on Monday, hitting $83.06. 738,315 shares of the company’s stock traded hands. PNC Financial Services Group has a one year low of $69.15 and a one year high of $88.03. The stock’s 50-day moving average is $84.24 and its 200-day moving average is $80.30. The company has a market cap of $44.365 billion and a price-to-earnings ratio of 11.07.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, April 16th. The company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.16. The company had revenue of $3.78 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same quarter in the previous year, the company posted $1.76 earnings per share. The company’s revenue for the quarter was down 4.5% on a year-over-year basis. On average, analysts predict that PNC Financial Services Group will post $7.19 earnings per share for the current fiscal year.

The PNC Financial Services Group, Inc (NYSE:PNC) is a financial service company.

To view Zacks’ full report, visit Zacks’ official website.

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