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

Key Points

• PNC beat quarterly expectations, reporting EPS of $4.85 versus the $4.51 consensus estimate and revenue of $6.88 billion versus expectations of $6.51 billion.
• The company raised its dividend to $2.00 per share quarterly, up from $1.70, giving it an annualized payout of $8.00 and a 3.2% yield.
• Wall Street remains constructive on PNC, with analysts assigning an average rating of “Moderate Buy” and an average price target of $258.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) posted its quarterly earnings results on Wednesday. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.51 by $0.34, FiscalAI reports. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $251.77 on Wednesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The firm's 50 day simple moving average is $231.10 and its 200-day simple moving average is $222.68. The PNC Financial Services Group has a 12 month low of $176.88 and a 12 month high of $256.22. The stock has a market capitalization of $101.10 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.04 and a beta of 0.91.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective for the company. Truist Financial raised their target price on shares of The PNC Financial Services Group from $245.00 to $257.00 and gave the company a "hold" rating in a research note on Friday, June 26th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Stephens assumed coverage on shares of The PNC Financial Services Group in a report on Monday, June 15th. They set an "overweight" rating and a $265.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $258.09.

Insider Activity

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock worth $10,694,574 in the last ninety days. Company insiders own 0.38% of the company's stock.

Institutional Trading of The PNC Financial Services Group

A number of institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the third quarter worth $25,000. Kemnay Advisory Services Inc. purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $32,000. EFG International AG acquired a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $33,000. JPL Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at about $37,000. Finally, Palisade Asset Management LLC acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $42,000. 83.53% of the stock is owned by institutional investors and hedge funds.

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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