The PNC Financial Services Group (NYSE:PNC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

The PNC Financial Services Group (NYSE:PNC) released its earnings results on Tuesday. The financial services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $3.09 by $0.01, RTT News reports. The company had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period last year, the firm earned $3.98 EPS.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $147.25 on Thursday. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.84. The stock’s 50-day moving average is $151.80 and its 200-day moving average is $141.68. The firm has a market cap of $58.58 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 1.69 and a beta of 1.18. The PNC Financial Services Group has a one year low of $109.40 and a one year high of $162.24.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.21%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 52.06%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.42% of the stock is owned by company insiders.

Institutional Trading of The PNC Financial Services Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hobbs Group Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $32,000. Tyler Stone Wealth Management acquired a new position in The PNC Financial Services Group during the second quarter worth approximately $29,000. Cornerstone Planning Group LLC acquired a new position in The PNC Financial Services Group during the second quarter worth approximately $30,000. Chilton Capital Management LLC acquired a new position in The PNC Financial Services Group during the first quarter worth approximately $33,000. Finally, 1832 Asset Management L.P. increased its position in The PNC Financial Services Group by 33.5% during the first quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after buying an additional 67 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNC. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their target price for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. Evercore ISI reduced their price target on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday. UBS Group raised their price target on The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $152.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday. Finally, Bank of America lifted their target price on The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $156.63.

About The PNC Financial Services Group

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.