The PNC Financial Services Group, Inc (NYSE:PNC) Announces Dividend Increase - $1.70 Per Share

The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) declared a quarterly dividend on Thursday, July 3rd, RTT News reports. Stockholders of record on Tuesday, July 15th will be paid a dividend of 1.70 per share by the financial services provider on Tuesday, August 5th. This represents a $6.80 annualized dividend and a dividend yield of 3.49%. This is a 6.2% increase from The PNC Financial Services Group's previous quarterly dividend of $1.60.

The PNC Financial Services Group has a payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 $6.40 annual dividend with an expected future payout ratio of 37.0%.

The PNC Financial Services Group Price Performance

NYSE:PNC traded down $0.61 during trading hours on Thursday, reaching $195.10. 1,863,484 shares of the company were exchanged, compared to its average volume of 2,109,370. The business has a 50 day moving average of $175.10 and a 200 day moving average of $180.09. The PNC Financial Services Group has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $77.18 billion, a P/E ratio of 13.78, a P/E/G ratio of 1.65 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. Research analysts forecast that The PNC Financial Services Group will post 15.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PNC shares. Barclays reduced their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company decreased their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Royal Bank Of Canada lowered their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus target price of $204.00.

Insiders Place Their Bets

In other news, Director Martin Pfinsgraff bought 1,000 shares of the company's stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the acquisition, the director directly owned 2,009 shares in the company, valued at approximately $317,863.98. This represents a 99.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,428 shares of company stock valued at $1,882,322. 0.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

A hedge fund recently raised its stake in The PNC Financial Services Group stock. Brighton Jones LLC grew its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 32.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,041 shares of the financial services provider's stock after buying an additional 984 shares during the period. Brighton Jones LLC's holdings in The PNC Financial Services Group were worth $779,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 83.53% of the company's stock.

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.

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