PNC Financial profit doubles on tax gain

Marco Green
January 13, 2018

"PNC and its entire peer group is expecting 4 percent total (loan) growth, with 5 percent for C&I growth in 2018", Klock said. Royal Bank of Canada restated a "buy" rating on shares of PNC Financial Services Group in a report on Monday, October 16th.

Provident Trust Co holds 7.66% of its portfolio in The PNC Financial Services Group, Inc. for 1.28 million shares. While bigger banks such as Morgan Stanley and Goldman Sachs Group Inc are expected to take a hit in Q4 from the new tax law, PNC gained from the Tax Cuts and Jobs Act. The stock of The PNC Financial Services Group, Inc. Seventeen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Finally, Citigroup restated a "neutral" rating and issued a $144.00 target price (up previously from $125.00) on shares of PNC Financial Services Group in a research note on Monday, October 9th. SRB Corp now owns 1,835 shares of the company's stock valued at $165,000 after buying an additional 176 shares during the period. The NYSE-listed company saw a recent bid of $151.49 on volume of 2.39 million shares. The company has a market capitalization of $72,080.00, a PE ratio of 18.45, a P/E/G ratio of 1.72 and a beta of 0.90. During the last 52 weeks, the (NYSE:PNC) price has been as high as $151.1 and as low as $113.66. PNC's financial leverage ratio is 7.3, which indicates that the company's asset base is primarily funded by debt.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, October 13th.

Looking forward, for the quarter ending Mar-18, 15 analysts have a mean sales target of 4,153.40 million. The firm's revenue for the quarter was up 10.0% compared to the same quarter a year ago. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.85 by $0.12. The company's alternative GAAP measure of profit for the quarter also included a one-time benefit of $911 million due to cuts in corporate tax rates.

Investors sentiment decreased to 0.87 in 2017 Q3. This represents a $3.00 dividend on an annualized basis and a yield of 2.01%. Barclays Capital maintained the shares of PNC in report on Tuesday, January 3 with "Equal Weight" rating.

About PNC Financial Services Group, Inc. Also, insider Wyk Steven C. Van sold 1,000 shares of the business's stock in a transaction on Friday, January 20th. The shares were sold at an average price of $107.61, for a total transaction of $19,349,246.49. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Among 21 analysts covering Pfizer (NYSE:PFE), 9 have Buy rating, 1 Sell and 11 Hold. Following the completion of the transaction, the insider now owns 20,449 shares of the company's stock, valued at approximately $2,801,104.02. The disclosure for this sale can be found here.

Institutional investors have recently made changes to their positions in the stock. Proficio Capital Partners LLC now owns 762 shares of the financial services provider's stock worth $100,000 after acquiring an additional 710 shares during the period. BKS Advisors LLC purchased a new position in PNC Financial Services Group, Inc. The stock's average target of $136.41 is -9.85% below today's ($151.32) share price. First Interstate Bank now owns 982 shares of the financial services provider's stock worth $123,000 after acquiring an additional 25 shares during the period. Finally, Quadrant Capital Group LLC increased its holdings in shares of PNC Financial Services Group by 0.3% in the 2nd quarter. Davis Selected Advisers now owns 307,362 shares of the financial services provider's stock valued at $38,380,000 after purchasing an additional 5,262 shares during the last quarter. Tower Research Capital LLC TRC raised its position in PNC Financial Services Group by 12.5% in the second quarter. Institutional investors and hedge funds own 81.49% of the company's stock.

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The PNC Financial Services Group, Inc. operates as a diversified financial services firm in the United States and internationally.

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