Keefe, Bruyette & Woods Comments on PNC Financial Services

Keefe, Bruyette & Woods provided color on PNC Financial Services

in a research report published today. Keefe, Bruyette & Woods has a Market Perform rating and $69 price target on the company. In the report, Keefe, Bruyette & Woods stated, "After the close, PNC announced a plan to redeem $500 million of outstanding TruPs issued by National City Capital Trust III. The TruPs have a current coupon rate of 6.625% and were originally scheduled to mature on May 25, 2047. While we view this as modestly positive and in line with prior company actions, we do not expect this to meaningfully impact our estimates." Shares of PNC Financial Services were trading at $62.68 at the time of posting, up 1.51% from Tuesday's market close.