The PNC Financial Services Group (NYSE:PNC) Announces Quarterly Earnings Results

The PNC Financial Services Group (NYSE:PNC) released its earnings results on Tuesday. The financial services provider reported $3.10 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.01, RTT News reports. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the business posted $3.98 EPS. The business’s revenue for the quarter was down 8.2% on a year-over-year basis.

The PNC Financial Services Group Stock Up 0.5 %

PNC opened at $147.25 on Thursday. The business has a 50 day moving average price of $151.80 and a 200 day moving average price of $141.68. The PNC Financial Services Group has a twelve month low of $109.40 and a twelve month high of $162.24. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $58.58 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.69 and a beta of 1.18.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 4.21%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 52.06%.

Insider Buying and Selling

In related news, EVP Michael J. Hannon sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now directly owns 36,570 shares in the company, valued at approximately $5,442,347.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 37,008,602 shares of the financial services provider’s stock worth $5,730,782,000 after buying an additional 158,093 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of The PNC Financial Services Group by 7.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after buying an additional 860,489 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 2.4% during the first quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after buying an additional 171,876 shares during the last quarter. Morgan Stanley lifted its holdings in shares of The PNC Financial Services Group by 28.7% during the fourth quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock worth $740,101,000 after buying an additional 1,045,055 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $735,469,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNC. UBS Group lifted their target price on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. The Goldman Sachs Group lifted their target price on 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. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday. Evercore ISI lowered their target price on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley boosted their price target on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research note on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $156.63.

The PNC Financial Services Group Company Profile

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.