The Zacks Analyst Blog Highlights: PNC Financial Services Group, Wells Fargo, Citigroup And BlackRock

For Immediate Release

Chicago, IL – Dec 4, 2017 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include The PNC Financial Services Group (NYSE:PNC) , Wells Fargo & Company (NYSE:WFC) , Citigroup (NYSE:C) and BlackRock (NYSE:BLK) .

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.

Here are highlights from Friday’s Analyst Blog:

Bank Stock Roundup: PNC, Wells Fargo, Citigroup and BlackRock

Over the last five trading days, performance of banking stocks was overtly positive. The bullish trend was largely driven by progress in tax reform bill, favorable economic data and positive comments by Jerome H. Powell — President Trump's nominee for Fed Chairman.

Powell’s comments in support of lesser regulations cheered investors. Apart from this, stability in the Fed's policy despite leadership change is a good sign for the banking sector. Also, encouraging economic data (surge in consumer confidence and higher-than-expected GDP rate) point toward an improving economy.

All these favorable factors drove banking stocks higher. Further, banks continued with their initiatives to improve operating efficiency and strengthen profitability through restructuring businesses.

(Read: Bank Stock Roundup for the week ending Nov 10, 2017)

Important Developments of the Week

1. PNC Bank, the banking services arm of The PNC Financial Services Group, announced a definitive agreement to acquire The Trout Group, LLC, provider financial services to the healthcare industry. The acquisition is in sync with the company’s goal offer long-term relationship-based advice to clients through a major communications and advisory practice firm. (Read more: PNC Financial to Strengthen IR Division With Trout Buyout)

2. Continuing with its efforts to streamline insurance products, Wells Fargo & Company is set to exit the Personal Insurance business. The bank expects to complete the exit process by first-quarter 2018. However, till then, it will continue to provide Personal Insurance products and serve customer policies. (Read more: Wells Fargo Set to Close Personal Insurance Business)

3. Citibanamex, a Mexican subsidiary of Citigroup, has entered into an agreement to divest its asset management business to BlackRock. The deal involves selling nearly $31 billion in assets under management of Citibanamex across local fixed income, equity and multi-asset products. The transaction is expected to close in the second half of 2018, subject to necessary regulatory approvals. (Read more: BlackRock to Buy Citi's Asset Management Business in Mexico)

Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1 Stock of the Day pick for free.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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