The PNC Financial Services Group (NYSE:PNC) Releases Earnings Results, Beats Expectations By $0.34 EPS

The PNC Financial Services Group (NYSE:PNC) issued its quarterly earnings data on Wednesday. The financial services provider reported $4.85 earnings per share (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 firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion.

The PNC Financial Services Group Trading Down 0.4%

NYSE:PNC opened at $251.77 on Wednesday. The stock has a 50-day simple moving average of $231.10 and a 200-day simple moving average of $222.68. The stock has a market cap of $101.10 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.04 and a beta of 0.91. The PNC Financial Services Group has a 1 year low of $176.88 and a 1 year high of $256.22. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a dividend of $2.00 per share. 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. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 48,300 shares of company stock valued at $10,694,574. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Viking Global Investors LP raised its holdings in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after buying an additional 1,162,964 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of The PNC Financial Services Group by 32.6% in the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock worth $889,297,000 after buying an additional 1,086,941 shares in the last quarter. First Trust Advisors LP grew its stake in The PNC Financial Services Group by 30.1% in the 4th quarter. First Trust Advisors LP now owns 2,601,151 shares of the financial services provider’s stock valued at $542,938,000 after acquiring an additional 602,197 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $61,708,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Royal Bank Of Canada restated an “outperform” rating and set a $235.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Bank of America upped their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Morgan Stanley boosted their price target on shares of 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. Finally, Stephens initiated coverage on The PNC Financial Services Group in a report on Monday, June 15th. They issued an “overweight” rating and a $265.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $258.09.

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.