2016-07-18

Analysts fell to the sidelines weighing in on PNC Financial Services (NYSE: PNC), The Progressive Corporation (NYSE: PGR) and Citigroup Inc (NYSE: C) with neutral ratings,indicating that the experts are neither bullish nor bearish on the stocks.

PNC Financial Services (NYSE: PNC)

In a report issued on July 15, Stephen Biggar from Argus Research maintained a Hold rating on PNC Financial (NYSE: PNC). The company’s shares opened today at $81.67.

Biggar observed, “We are reiterating our HOLD rating on PNC Financial Services Group Inc. (NYSE: PNC) following the company’s 2Q16 earnings report. Revenue growth remains challenging in the lending business, as evidenced by the company’s expectations of flat sequential net interest income for 3Q. At the same time, PNC is making progress on a range of strategic initiatives, including expansion in the Southeast and in the Chicago area, where increased brand awareness has led to solid growth in both retail and commercial banking.”

According to TipRanks.com, Biggar is a 1-star analyst with an average return of -2.7% and a 53.6% success rate. Biggar covers the Financial sector, focusing on stocks such as Discover Financial Services, Intercontinental Exchange, and Royal Bank Of Canada.

Currently, the analyst consensus on PNC Financial is Moderate Buy and the average price target is $92.08, representing a 12.7% upside.

In a report issued on July 8, Barclays also maintained a Hold rating on the stock with a $100 price target.
The Progressive Corporation (NYSE: PGR)

In a report issued on July 15, Jacob Kilstein from Argus Research reiterated a Hold rating on Progressive (NYSE: PGR). The company’s shares opened today at $33.

Kilstein noted, “We like the fact that Progressive generates a high ROE and has shown steady growth in premium revenue. The company’s positive investment results allow PGR to maintain higher loss reserves – which lessen the impact of volatile catastrophe losses. We also like the growth in policies in force and book value. The auto insurance business generates consistent quarterly earnings (as the number of car crashes is largely steady from quarter to quarter) and has posted strong results amid rising car sales. Given the steady earnings and strong prospects in this business, we would like to see greater increases in premiums. We’d also like to see a better combined ratio – indicating lower loss frequency.MARKET DIGEST – 6 – Key second-quarter trends for PGR are summarized below: — The combined ratio of 96.8 was 430 basis points higher than in 2Q15. In 2Q15, the company’s largest business, Personal Lines — Agency, recorded a GAAP combined ratio of 92.5. The combined ratio for the second-largest segment, Personal Lines — Direct, was 96.6, a decrease of 190 basis points.”

According to TipRanks.com, Kilstein is a 3-star analyst with an average return of 2.4% and a 60.0% success rate. Kilstein covers the Financial sector, focusing on stocks such as State Auto Financial Corp., Travelers Companies, and Sun Life Financial.

Progressive has an analyst consensus of Hold

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Citigroup Inc (NYSE: C)

Argus Research analyst Stephen Biggar reiterated a Hold rating on Citigroup (NYSE: C) on July 15. The company’s shares opened today at $44.28.

Biggar noted, “We are also trimming our 2017 estimate to $5.34 from $5.80.”

According to TipRanks.com, Biggar is a 1-star analyst with an average return of -2.7% and a 53.6% success rate. Biggar covers the Financial sector, focusing on stocks such as Discover Financial Services, Intercontinental Exchange, and Royal Bank Of Canada.

Currently, the analyst consensus on Citigroup is Moderate Buy and the average price target is $55.75, representing a 25.9% upside.

In a report issued on July 8, Wells Fargo also downgraded the stock to Hold with a $46 price target.

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