Q2 2024 EPS Estimates for The PNC Financial Services Group, Inc. (NYSE:PNC) Reduced by Analyst

The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) - Analysts at Zacks Research dropped their Q2 2024 earnings per share (EPS) estimates for The PNC Financial Services Group in a report issued on Tuesday, May 7th. Zacks Research analyst R. Department now anticipates that the financial services provider will post earnings of $2.98 per share for the quarter, down from their previous forecast of $3.07. The consensus estimate for The PNC Financial Services Group's current full-year earnings is $12.64 per share. Zacks Research also issued estimates for The PNC Financial Services Group's Q3 2024 earnings at $3.17 EPS, Q4 2024 earnings at $3.00 EPS, FY2024 earnings at $12.51 EPS, Q1 2025 earnings at $3.35 EPS, Q2 2025 earnings at $3.36 EPS, Q4 2025 earnings at $3.78 EPS, FY2025 earnings at $14.22 EPS and FY2026 earnings at $16.41 EPS.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm had revenue of $5.15 billion for the quarter, compared to analysts' expectations of $5.19 billion. During the same period last year, the business posted $3.98 earnings per share. The firm's revenue for the quarter was down 8.2% on a year-over-year basis.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a "neutral" rating in a research note on Monday, April 1st. Bank of America upped their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 17th. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an "underweight" rating in a research report on Tuesday, January 30th. Jefferies Financial Group lowered their target price on The PNC Financial Services Group from $171.00 to $162.00 and set a "hold" rating on the stock in a research report on Wednesday, April 17th. Finally, Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an "overweight" rating in a research report on Thursday, March 28th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Hold" and a consensus price target of $157.02.

The PNC Financial Services Group Stock Performance

PNC stock traded up $0.47 during midday trading on Friday, reaching $157.59. The company had a trading volume of 984,953 shares, compared to its average volume of 2,021,831. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a 50 day moving average price of $154.45 and a 200 day moving average price of $145.56. The firm has a market capitalization of $62.69 billion, a PE ratio of 13.25, a P/E/G ratio of 1.77 and a beta of 1.16. The PNC Financial Services Group has a fifty-two week low of $109.40 and a fifty-two week high of $162.24.

Institutional Investors Weigh In On The PNC Financial Services Group

Several large investors have recently made changes to their positions in PNC. Steph & Co. increased its position in shares of The PNC Financial Services Group by 1.8% during the fourth quarter. Steph & Co. now owns 3,720 shares of the financial services provider's stock valued at $576,000 after acquiring an additional 67 shares during the last quarter. Bangor Savings Bank boosted its holdings in shares of The PNC Financial Services Group by 1.2% in the 4th quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider's stock worth $888,000 after buying an additional 69 shares during the last quarter. Triangle Securities Wealth Management grew its position in The PNC Financial Services Group by 1.8% during the first quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider's stock valued at $649,000 after buying an additional 70 shares during the period. Cooper Financial Group increased its holdings in The PNC Financial Services Group by 1.7% during the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider's stock worth $685,000 after buying an additional 70 shares during the last quarter. Finally, Berkshire Bank raised its position in The PNC Financial Services Group by 2.0% in the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider's stock worth $576,000 after acquiring an additional 71 shares during the period. Institutional investors own 83.53% of the company's stock.

Insider Activity

In related news, EVP Richard Kevin Bynum sold 850 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares in the company, valued at approximately $545,856.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the completion of the sale, the executive vice president now directly owns 3,502 shares of the company's stock, valued at $545,856.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael J. Hannon sold 3,000 shares of the business's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now directly owns 36,570 shares in the company, valued at approximately $5,442,347.40. The disclosure for this sale can be found here. Insiders own 0.42% of the company's stock.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, May 5th. Investors of record on Monday, April 15th were issued a $1.55 dividend. The ex-dividend date was Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.93%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 52.06%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.