Zacks: Brokerages Anticipate PNC Financial Services Group, Inc. (The) (PNC) Will Announce Quarterly Sales of $4.18 Billion
Wall Street analysts expect PNC Financial Services Group, Inc. (The) (NYSE:PNC) to announce $4.18 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for PNC Financial Services Group’s earnings, with the highest sales estimate coming in at $4.26 billion and the lowest estimate coming in at $4.10 billion. PNC Financial Services Group posted sales of $3.87 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 8%. The business is expected to issue its next earnings results on Friday, January 12th.
On average, analysts expect that PNC Financial Services Group will report full year sales of $4.18 billion for the current year, with estimates ranging from $16.17 billion to $16.48 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $17.14 billion per share, with estimates ranging from $16.78 billion to $17.55 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover PNC Financial Services Group.
PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.03. PNC Financial Services Group had a return on equity of 9.29% and a net margin of 24.61%. The business had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter in the prior year, the business posted $1.84 EPS. The business’s revenue for the quarter was up 7.7% on a year-over-year basis.
PNC has been the topic of a number of recent analyst reports. Wells Fargo & Company set a $135.00 price objective on PNC Financial Services Group and gave the company a “hold” rating in a report on Thursday, October 19th. Sanford C. Bernstein restated a “market perform” rating and set a $134.00 price target on shares of PNC Financial Services Group in a research note on Tuesday, October 3rd. Citigroup restated a “neutral” rating and set a $144.00 price target (up previously from $125.00) on shares of PNC Financial Services Group in a research note on Monday, October 9th. Stephens downgraded PNC Financial Services Group from an “overweight” rating to an “equal weight” rating in a research note on Thursday, October 5th. They noted that the move was a valuation call. Finally, J P Morgan Chase & Co restated an “overweight” rating and set a $139.50 price target (up previously from $138.50) on shares of PNC Financial Services Group in a research note on Friday, October 6th. Sixteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $135.93.
PNC Financial Services Group (PNC) traded up $0.49 on Thursday, hitting $141.00. The stock had a trading volume of 2,580,000 shares, compared to its average volume of 1,615,569. PNC Financial Services Group has a fifty-two week low of $110.68 and a fifty-two week high of $143.16. The stock has a market cap of $67,087.94, a P/E ratio of 17.22, a P/E/G ratio of 1.88 and a beta of 0.90. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.24.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, November 5th. Shareholders of record on Tuesday, October 17th were given a dividend of $0.75 per share. The ex-dividend date was Monday, October 16th. This represents a $3.00 dividend on an annualized basis and a yield of 2.13%. PNC Financial Services Group’s payout ratio is 36.63%.
In other PNC Financial Services Group news, insider E William Parsley III sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $138.68, for a total transaction of $3,467,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karen L. Larrimer sold 3,135 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $136.98, for a total value of $429,432.30. Following the sale, the insider now directly owns 20,449 shares of the company’s stock, valued at $2,801,104.02. The disclosure for this sale can be found here. Insiders have sold a total of 37,640 shares of company stock valued at $5,196,952 over the last ninety days. 0.43% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of PNC. AXA lifted its holdings in shares of PNC Financial Services Group by 2.1% in the 3rd quarter. AXA now owns 337,039 shares of the financial services provider’s stock valued at $45,423,000 after buying an additional 6,903 shares during the period. Wagner Bowman Management Corp lifted its holdings in shares of PNC Financial Services Group by 16.7% in the 3rd quarter. Wagner Bowman Management Corp now owns 2,993 shares of the financial services provider’s stock valued at $403,000 after buying an additional 428 shares during the period. Shelton Capital Management lifted its holdings in shares of PNC Financial Services Group by 5.6% in the 3rd quarter. Shelton Capital Management now owns 21,881 shares of the financial services provider’s stock valued at $2,949,000 after buying an additional 1,160 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of PNC Financial Services Group in the 3rd quarter valued at approximately $504,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of PNC Financial Services Group by 3.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 356,301 shares of the financial services provider’s stock valued at $48,019,000 after buying an additional 12,265 shares during the period. 81.57% of the stock is owned by institutional investors.
WARNING: This article was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this article on another publication, it was illegally copied and republished in violation of US & international copyright & trademark law. The original version of this article can be viewed at https://www.watchlistnews.com/zacks-brokerages-anticipate-pnc-financial-services-group-inc-the-pnc-will-announce-quarterly-sales-of-4-18-billion/1742022.html.
PNC Financial Services Group Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PNC Financial Services Group Inc. (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group Inc. (The) and related companies with Analyst Ratings Network's FREE daily email newsletter.