PNC Financial Services Group
Shares of PNC Financial Services Group (PNC) of Pittsburgh closed at $65.26 Friday, returning 15% year-to-date, after pulling back 3% during 2011. Based on a quarterly payout of 40 cents, the shares have a dividend yield of 2.45%.
The shares trade for 1.4 times tangible book value and for 9.5 times the consensus 2013 EPS estimate of $$6.89. The consensus 2012 EPS estimate is $6.17.
Jefferies analyst Ken Usdin's price target for PNC is $72.00.Harmon said that "economic data within PNC's footprint [in the Mid-Atlantic, Midwest, along with a growing presence, though acquisitions in the Southeast] has held up pretty well and its overall economic ranking has stayed within the top half of banks for the past four years." Looking ahead, Harmon said that "much of the story has to do with how it can operate in new markets. PNC cites successes in Chicago and St. Louis (legacy National City markets) as the power of its brand, but anecdotes from competitors suggest that victories are a result of aggressive pricing." Interested in more on PNC Financial Services Group? See TheStreet Ratings' report card for this stock.
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