Zacks reissued their neutral rating on shares of PNC Financial Services Group (NYSE:PNC) in a research report sent to investors on Friday morning, StockRatingsNetwork.com reports. The firm currently has a $80.00 price target on the stock.
Zacks’ analyst wrote, “PNC Financial’s third-quarter 2013 earnings outpaced the Zacks Consensus Estimate. Decrease in provision for credit losses and expenses were the positives. Moreover, improved credit quality and strong capital ratios acted as tailwinds. However, a decline in revenues was the dampener. 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, persistent low interest rate environment and increased regulatory headwinds remain concerns.”
Zacks has also modified their ratings on a number of other financials stocks in the few days. The firm upgraded shares of Horizon Bancorp (Indiana) from an underperform rating to a neutral rating. The firm now has a $22.20 price target on that stock. Also, Zacks upgraded shares of Taylor Capital Group Inc. from an underperform rating to a neutral rating. Zacks now has a $24.10 price target on that stock. Finally, Zacks downgraded shares of S.Y. Bancorp Inc. from an outperform rating to a neutral rating. Their analysts now have a $32.50 price target on that stock.
A number of other analysts have also recently weighed in on PNC. Analysts at JPMorgan Chase & Co. cut their EPS estimates on shares of PNC Financial Services Group in a research note on Tuesday. They now have an overweight rating on the stock. Separately, analysts at Oppenheimer downgraded shares of PNC Financial Services Group from an outperform rating to a market perform rating in a research note to investors on Thursday, November 14th. Finally, analysts at Goldman Sachs Group Inc. raised their price target on shares of PNC Financial Services Group from $79.00 to $80.00 in a research note to investors on Monday, October 21st. They now have a neutral rating on the stock. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $78.78.
Shares of PNC Financial Services Group (NYSE:PNC) traded up 0.25% on Friday, hitting $77.0153. 230,290 shares of the company’s stock traded hands. PNC Financial Services Group has a 52-week low of $54.34 and a 52-week high of $77.93. The stock’s 50-day moving average is $74.20 and its 200-day moving average is $73.54. The company has a market cap of $40.980 billion and a price-to-earnings ratio of 11.31.
PNC Financial Services Group (NYSE:PNC) last released its earnings data on Wednesday, October 16th. The company reported $1.79 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.64 by $0.15. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, analysts predict that PNC Financial Services Group will post $7.21 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 www.zacks.com
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