PNC Financial Services Group Inc (PNC) to Issue $0.75 Quarterly Dividend

PNC Financial Services Group Inc (NYSE:PNC) declared a quarterly dividend on Thursday, January 4th, NASDAQ reports. Shareholders of record on Wednesday, January 17th will be paid a dividend of 0.75 per share by the financial services provider on Monday, February 5th. This represents a $3.00 annualized dividend and a yield of 1.98%. The ex-dividend date is Tuesday, January 16th.

PNC Financial Services Group has raised its dividend by an average of 11.4% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. PNC Financial Services Group has a dividend payout ratio of 35.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PNC Financial Services Group to earn $10.76 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 27.9%.

PNC Financial Services Group (PNC) opened at $151.84 on Monday. The firm has a market cap of $72,245.63, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 1.51 and a beta of 0.90. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.24. PNC Financial Services Group has a fifty-two week low of $113.66 and a fifty-two week high of $153.50.

PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $2.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.09. PNC Financial Services Group had a net margin of 29.60% and a return on equity of 9.52%. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same period last year, the business earned $1.97 EPS. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. sell-side analysts predict that PNC Financial Services Group will post 9.89 earnings per share for the current year.

Several research firms have recently commented on PNC. Royal Bank of Canada reaffirmed a “buy” rating and issued a $170.00 price target on shares of PNC Financial Services Group in a report on Friday. ValuEngine lowered shares of PNC Financial Services Group from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Credit Suisse Group reaffirmed a “hold” rating and issued a $150.00 price target on shares of PNC Financial Services Group in a report on Friday, January 5th. Goldman Sachs Group lowered shares of PNC Financial Services Group from a “conviction-buy” rating to a “buy” rating in a report on Thursday, January 4th. Finally, Barclays lifted their price target on shares of PNC Financial Services Group from $139.00 to $168.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Seventeen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $142.33.

In related news, insider Karen L. Larrimer sold 3,135 shares of PNC Financial Services Group stock in a transaction dated Monday, October 30th. The shares were 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 in the company, valued at approximately $2,801,104.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Orlando C. Esposito sold 4,505 shares of PNC Financial Services Group stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $138.85, for a total transaction of $625,519.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,523 shares of company stock worth $15,392,168. 0.43% of the stock is currently owned by insiders.

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About PNC Financial Services Group

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.

Dividend History for PNC Financial Services Group (NYSE:PNC)

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