PNC Financial Services Group (NYSE:PNC – Get Rating) released its quarterly earnings data on Friday. The financial services provider reported earnings per share of $3.42 for the quarter, beating the consensus estimate of $3.11 by $0.31, reports RTT News. The PNC Financial Services group achieved a net margin of 26.14% and a return on equity of 12.43%. The company posted revenue of $5.12 billion in the quarter, versus $5.13 billion expected by analysts. In the same period a year earlier, the company posted earnings of $4.50 per share. PNC Financial Services Group revenue for the quarter increased 9.6% compared to the same quarter last year.
NYSE PNC shares opened at $150.96 on Friday. The stock has a market capitalization of $62.43 billion, a P/E ratio of 12.77, a P/E/G ratio of 2.22 and a beta of 1.24. The company has a 50-day moving average price of $161.74 and a 200-day moving average price of $183.61. The PNC Financial Services Group has a 1-year low of $149.51 and a 1-year high of $228.14. The company has a debt ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.74.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 5. Shareholders of record on Wednesday, July 13 will receive a dividend of $1.50 per share. This represents a dividend of $6.00 on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Tuesday, July 12. The dividend distribution rate of the PNC Financial Services group is currently 50.76%.
Separately, Guild Executive Vice President Deborah sold 1,257 shares of the company in a trade dated Tuesday, May 3. The shares were sold at an average price of $170.56, for a total transaction of $214,393.92. Following the transaction, the executive vice president now directly owns 23,360 shares of the company, valued at $3,984,281.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, director Robert A. Niblock purchased 2,000 shares of the company in a transaction that took place on Friday, May 6. The shares were purchased at an average cost of $167.07 per share, for a total transaction of $334,140.00. Following completion of the transaction, the administrator now directly owns 6,063 shares of the company, valued at $1,012,945.41. Disclosure of this purchase can be found here. 0.34% of the shares are held by insiders of the company.
A number of hedge funds have recently changed their positions in the business. 1832 Asset Management LP increased its stake in The PNC Financial Services Group by 33.5% in Q1. 1832 Asset Management LP now owns 267 shares of the financial services provider valued at $49,000 after buying 67 additional shares in the last quarter. KCM Investment Advisors LLC increased its stake in The PNC Financial Services Group by 7.1% in Q1. KCM Investment Advisors LLC now owns 1,194 shares of the financial services provider worth $220,000 after buying 79 additional shares in the last quarter. Blair William & Co. IL increased its stake in The PNC Financial Services Group by 0.5% in the first quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider worth $3,135,000 after buying 89 more shares last quarter. West Family Investments Inc. increased its stake in The PNC Financial Services Group by 9.1% in Q1. West Family Investments Inc. now owns 1,164 shares of the financial services provider worth $215,000 after buying 97 more shares in the last quarter. Finally, Rodgers Brothers Inc. increased its stake in The PNC Financial Services Group by 3.7% in the 1st quarter. Rodgers Brothers Inc. now owns 3,463 shares of the financial services provider worth $639,000 after buying 125 more shares last quarter. 83.54% of the shares are currently held by institutional investors and hedge funds.
Several equity research analysts have recently weighed in on the stock. Morgan Stanley lowered its price target on PNC Financial Services Group shares from $196.00 to $168.00 and set an “underweight” rating for the company in a research report on Tuesday. Raymond James upgraded shares of PNC Financial Services Group from an “outperforming” rating to a “market performing” rating in a Thursday, July 7 report. Wolfe Research cut its price target on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating for the company in a Thursday, May 26 report. Argus cut its price target on PNC Financial Services Group shares from $245.00 to $220.00 in a Monday, April 18 report. Finally, Piper Sandler cut her price target on PNC Financial Services Group shares from $215.00 to $201.00 and set a “neutral” rating for the company in a Friday, April 1 report. One investment analyst gave the stock a sell rating, ten gave the company a hold rating and six gave the company a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $204.87.
PNC Financial Services Group Company Profile (Get an evaluation)
The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.
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