The PNC Financial Services Group, Inc. (NYSE:PNC) Announces Quarterly Dividend of $1.60

The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly dividend on Tuesday, July 2nd, Wall Street Journal reports. Shareholders of record on Monday, July 15th will be given a dividend of 1.60 per share by the financial services provider on Monday, August 5th. This represents a $6.40 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55.

The PNC Financial Services Group has raised its dividend payment by an average of 9.9% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. The PNC Financial Services Group has a dividend payout ratio of 43.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect The PNC Financial Services Group to earn $14.18 per share next year, which means the company should continue to be able to cover its $6.20 annual dividend with an expected future payout ratio of 43.7%.

The PNC Financial Services Group Stock Down 0.7 %

PNC stock traded down $1.05 during trading on Wednesday, hitting $157.79. 914,084 shares of the company’s stock traded hands, compared to its average volume of 1,885,177. The firm has a market capitalization of $62.79 billion, a P/E ratio of 13.33, a PEG ratio of 2.22 and a beta of 1.15. The PNC Financial Services Group has a 1 year low of $109.40 and a 1 year high of $162.24. 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 business has a fifty day simple moving average of $155.21 and a two-hundred day simple moving average of $153.02.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $3.98 EPS. Sell-side analysts anticipate that The PNC Financial Services Group will post 12.63 EPS for the current year.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares in the company, valued at approximately $545,856.74. The disclosure for this sale can be found here. Insiders have sold 2,132 shares of company stock valued at $328,809 over the last ninety days. Insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PNC. Jefferies Financial Group lifted their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. The Goldman Sachs Group lifted their target price on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $158.56.

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.