PNC Financial Services Group, Inc. (The) (PNC) to Release Quarterly Earnings on Thursday
PNC Financial Services Group, Inc. (The) (NYSE:PNC) is set to issue its quarterly earnings data before the market opens on Thursday, October 12th.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.82 earnings per share. On average, analysts expect PNC Financial Services Group, Inc. (The) to post $8.41 EPS for the current fiscal year and $9.28 EPS for the next fiscal year.
Shares of PNC Financial Services Group, Inc. (PNC) opened at 134.27 on Thursday. The firm has a 50-day moving average price of $128.85 and a 200-day moving average price of $124.36. The stock has a market cap of $64.34 billion, a price-to-earnings ratio of 17.09 and a beta of 0.95. PNC Financial Services Group, Inc. has a 12 month low of $87.34 and a 12 month high of $135.73.
The business also recently declared a quarterly dividend, which will be paid on Sunday, November 5th. Shareholders of record on Tuesday, October 17th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Monday, October 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.23%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is presently 38.12%.
PNC Financial Services Group, Inc. (The) declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages have weighed in on PNC. Zacks Investment Research lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Tuesday. Instinet reiterated a “neutral” rating and issued a $132.00 price target (up previously from $129.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Saturday, September 30th. Robert W. Baird reiterated a “buy” rating and issued a $135.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Sunday. Nomura lifted their price target on shares of PNC Financial Services Group, Inc. (The) from $129.00 to $132.00 and gave the company a “neutral” rating in a report on Thursday, September 28th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Tuesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $127.17.
In other news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the sale, the insider now directly owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
About PNC Financial Services Group, Inc. (The)
The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.
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