The PNC Financial Services Group (NYSE:PNC) Releases Quarterly Earnings Results, Beats Expectations By $0.34 EPS

The PNC Financial Services Group (NYSE:PNC) issued its earnings results on Wednesday. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.34, FiscalAI reports. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $251.77 on Wednesday. The company has a market cap of $101.10 billion, a P/E ratio of 14.63, a PEG ratio of 1.04 and a beta of 0.91. The business has a 50 day moving average of $231.10 and a two-hundred day moving average of $222.68. The PNC Financial Services Group has a 52 week low of $176.88 and a 52 week high of $256.22. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date is Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Bank of America boosted their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their price target on The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a research report on Monday, July 6th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $258.09.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Compound Planning Inc. boosted its stake in The PNC Financial Services Group by 25.9% during the 4th quarter. Compound Planning Inc. now owns 7,285 shares of the financial services provider’s stock valued at $1,520,000 after purchasing an additional 1,499 shares during the period. Invesco Ltd. increased its stake in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. Invesco Ltd. now owns 5,007,838 shares of the financial services provider’s stock valued at $1,045,286,000 after purchasing an additional 21,554 shares during the period. First Growth Capital LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $193,000. Axxcess Wealth Management LLC raised its holdings in shares of The PNC Financial Services Group by 29.5% during the fourth quarter. Axxcess Wealth Management LLC now owns 10,603 shares of the financial services provider’s stock valued at $2,213,000 after buying an additional 2,416 shares during the last quarter. Finally, Blue Sparrow LLC DE acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $10,436,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.