The PNC Financial Services Group, Inc (NYSE:PNC) Announces $1.70 Quarterly Dividend

Key Points

• PNC announced a quarterly dividend of $1.70 per share (annualized $6.80), payable May 5 to shareholders of record April 14, with an indicated yield of 3.1% (ex-dividend date April 14).
• PNC topped quarterly expectations, reporting $4.88 EPS versus $4.23 expected and $6.07B in revenue (+9.1% YoY); the dividend is covered with a payout ratio around 39.6%, and analysts hold a "Moderate Buy" consensus with a target near $237.53.

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) announced a quarterly dividend on Wednesday, April 1st. Shareholders of record on Tuesday, April 14th will be paid a dividend of 1.70 per share by the financial services provider on Tuesday, May 5th. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, April 14th.

The PNC Financial Services Group has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 14 years. The PNC Financial Services Group has a payout ratio of 39.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect The PNC Financial Services Group to earn $17.32 per share next year, which means the company should continue to be able to cover its $6.80 annual dividend with an expected future payout ratio of 39.3%.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $221.38 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The business has a 50-day moving average price of $217.09 and a two-hundred day moving average price of $205.85. The PNC Financial Services Group has a 1-year low of $148.21 and a 1-year high of $243.94. The company has a market cap of $89.30 billion, a P/E ratio of 13.34, a PEG ratio of 1.01 and a beta of 0.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same period last year, the business posted $3.77 EPS. The business's revenue was up 9.1% compared to the same quarter last year. As a group, analysts anticipate that The PNC Financial Services Group will post 15.37 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PNC. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a "buy" rating and a $250.00 target price for the company. Oppenheimer reduced their target price on The PNC Financial Services Group from $284.00 to $263.00 and set an "outperform" rating for the company in a research note on Friday, March 27th. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. TD Cowen raised their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.53.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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