The PNC Financial Services Group (NYSE:PNC) Posts Quarterly Earnings Results, Beats Expectations By $0.30 EPS

The PNC Financial Services Group (NYSE:PNC) issued its quarterly earnings data on Tuesday. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.30, Yahoo Finance reports. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the firm earned $3.36 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year.

The PNC Financial Services Group Price Performance

PNC stock opened at $176.95 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group has a 12 month low of $109.40 and a 12 month high of $177.83. The firm has a market cap of $70.41 billion, a P/E ratio of 14.86, a P/E/G ratio of 1.73 and a beta of 1.15. The company’s 50-day moving average price is $156.84 and its two-hundred day moving average price is $153.78.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be issued a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $167.50, for a total value of $208,035.00. Following the transaction, the chief executive officer now directly owns 563,395 shares of the company’s stock, valued at approximately $94,368,662.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $167.50, for a total transaction of $208,035.00. Following the sale, the chief executive officer now directly owns 563,395 shares in the company, valued at $94,368,662.50. The disclosure for this sale can be found here. Insiders have sold a total of 6,419 shares of company stock valued at $1,022,826 in the last ninety days. 0.42% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PNC has been the subject of several research reports. Evercore ISI increased their price objective on shares of The PNC Financial Services Group from $180.00 to $184.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 25th. Jefferies Financial Group raised their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and increased their price target for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. Finally, The Goldman Sachs Group increased their price target on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $159.63.

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.