The PNC Financial Services Group, Inc. Announces Quarterly Dividend of $1.60 (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNC - Get Free Report) declared a quarterly dividend on Friday, January 3rd,RTT News reports. Shareholders of record on Wednesday, January 15th will be given a dividend of 1.60 per share by the financial services provider on Wednesday, February 5th. This represents a $6.40 annualized dividend and a dividend yield of 3.27%.

The PNC Financial Services Group has raised its dividend by an average of 9.9% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. The PNC Financial Services Group has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect The PNC Financial Services Group to earn $14.83 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 43.2%.

The PNC Financial Services Group Stock Up 2.2 %

Shares of NYSE:PNC traded up $4.24 during midday trading on Friday, hitting $195.63. The stock had a trading volume of 1,358,133 shares, compared to its average volume of 1,554,316. The company has a market cap of $77.62 billion, a P/E ratio of 16.54, a PEG ratio of 2.11 and a beta of 1.15. The PNC Financial Services Group has a 12 month low of $139.69 and a 12 month high of $216.26. The business's 50-day simple moving average is $200.78 and its 200-day simple moving average is $183.86. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group's revenue was up 3.8% on a year-over-year basis. During the same period last year, the business posted $3.60 EPS. On average, sell-side analysts forecast that The PNC Financial Services Group will post 13.45 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Martin Pfinsgraff sold 859 shares of the firm's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now directly owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $185.00, for a total transaction of $229,770.00. Following the transaction, the chief executive officer now owns 547,249 shares of the company's stock, valued at approximately $101,241,065. This represents a 0.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,030 shares of company stock worth $5,916,453. 0.42% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Compass Point raised their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Stephens raised their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Evercore ISI raised their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Finally, Barclays upped their target price on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an "overweight" rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $200.81.

About The PNC Financial Services Group

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.