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.
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.
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.
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