The PNC Financial Services Group (NYSE:PNC) Issues Earnings Results

Key Points

• EPS beat: PNC reported Q earnings of $4.32 per share, beating the $3.92 consensus by $0.40, while revenue was $6.17 billion versus estimates of $6.21 billion; return on equity was 11.87% and net margin 20.40%.
• Dividend declared: The company announced a quarterly dividend of $1.70 per share (annualized $6.80) with an ex‑dividend/record date of April 14 and payment on May 5, implying a yield of 3.1% and a payout ratio of ~41%.
• Insider selling and analyst view: Insiders have sold 64,186 shares (~$14.84M) in the last 90 days (insider ownership 0.38%), while analysts show a consensus "Moderate Buy" with a $237.53 price target.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.92 by $0.40, FiscalAI reports. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.

The PNC Financial Services Group Stock Down 1.0%

PNC opened at $220.86 on Wednesday. The firm's fifty day moving average price is $216.74 and its two-hundred day moving average price is $206.13. The PNC Financial Services Group has a fifty-two week low of $148.28 and a fifty-two week high of $243.94. The company has a market capitalization of $89.09 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.02 and a beta of 0.96. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. The ex-dividend date is Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's payout ratio is currently 40.99%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Alexander E. C. Overstrom sold 2,500 shares of the company's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the sale, the executive vice president owned 1,942 shares in the company, valued at $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is currently owned by insiders.

Institutional Trading of The PNC Financial Services Group

Large investors have recently bought and sold shares of the stock. Sivia Capital Partners LLC grew its position in The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after acquiring an additional 1,449 shares during the period. Brighton Jones LLC boosted its stake in The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after purchasing an additional 984 shares in the last quarter. Lyell Wealth Management LP acquired a new position in The PNC Financial Services Group in the fourth quarter worth $216,000. Reynders McVeigh Capital Management LLC acquired a new position in The PNC Financial Services Group in the third quarter worth $214,000. Finally, Kestra Investment Management LLC boosted its stake in The PNC Financial Services Group by 101.1% in the second quarter. Kestra Investment Management LLC now owns 1,138 shares of the financial services provider's stock worth $212,000 after purchasing an additional 572 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PNC shares. Morgan Stanley lowered their target price on The PNC Financial Services Group from $283.00 to $263.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 31st. Barclays lifted their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an "overweight" rating in a report on Monday, January 5th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. decreased their price target on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Finally, Truist Financial lifted their price target on shares of The PNC Financial Services Group from $210.00 to $229.00 and gave the stock a "hold" rating in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $237.53.

About The PNC Financial Services Group

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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