The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) – Jefferies Financial Group research analysts dropped their second quarter 2022 earnings per share estimates for shares of The PNC Financial Services Group in a note of research published on Monday, July 11. Jefferies Financial Group analyst K. Usdin now expects the financial services provider to post earnings of $3.11 per share for the quarter, down from its previous estimate of $3.35. The consensus estimate for The PNC Financial Services Group’s current annual earnings is $14.27 per share. Jefferies Financial Group also released estimates for PNC Financial Services Group Q3 2022 earnings at $4.20 EPS, Q4 2022 earnings at $4.25 EPS, fiscal year 2022 earnings at $14.85 EPS, Q1 2023 earnings at $4.08 EPS, Q2 2023 earnings at $3.90 EPS, Q3 2023 earnings at $4.23 EPS, Q4 2023 earnings at $4.25 EPS and FY2023 earnings at $16.45 EPS.
PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its results on Thursday, April 14. The financial services provider reported earnings per share (EPS) of $3.29 for the quarter, beating analyst consensus estimates of $2.78 by $0.51. The PNC Financial Services group achieved a return on equity of 12.43% and a net margin of 26.14%. The company posted revenue of $4.69 billion for the quarter, versus analyst estimates of $4.72 billion. During the same period a year earlier, the company posted EPS of $4.10. PNC Financial Services Group quarterly revenue increased 11.2% year-over-year.
PNC has been the subject of a number of other reports. Raymond James downgraded PNC Financial Services Group from an “outperforming” rating to a “market performing” rating in a Thursday, July 7 report. Wells Fargo & Company lowered its price target on PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating for the company in a Friday, July 1 report. Morgan Stanley lowered its price target on PNC Financial Services Group from $196.00 to $168.00 and set an “underweight” rating for the company in a report released Tuesday. Piper Sandler lowered her price target on PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating for the company in a Friday, April 1 research note. Finally, Wolfe Research lowered its price target on PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating for the company in a Thursday, May 26 research note. One analyst rated the stock with a sell rating, ten gave the company a hold rating and six gave the company a buy rating. According to data from MarketBeat, PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $204.87.
PNC shares opened at $154.31 on Thursday. The company’s 50-day moving average is $162.09 and its two-hundred-day moving average is $183.96. The PNC financial services group has a 52-week low of $149.51 and a 52-week high of $228.14. The company has a market capitalization of $63.82 billion, a price-earnings ratio of 13.05, a PEG ratio of 2.22 and a beta of 1.24. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt ratio of 0.54.
Several hedge funds and other institutional investors have recently changed their holdings in the company. Vanguard Group Inc. increased its equity stake in The PNC Financial Services Group by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 37,277,399 shares of the financial services provider valued at $6,875,816,000 after acquiring an additional 349,470 shares in the last quarter. BlackRock Inc. increased its stake in The PNC Financial Services Group by 2.0% in Q1. BlackRock Inc. now owns 30,563,752 shares of the financial services provider valued at $5,637,484,000 after purchasing an additional 589,293 shares during the period. State Street Corp increased its stake in The PNC Financial Services Group by 2.8% during the 4th quarter. State Street Corp now owns 19,704,923 shares of the financial services provider valued at $3,951,231,000 after purchasing an additional 536,564 shares during the period. Capital Research Global Investors increased its stake in The PNC Financial Services Group by 1.2% in the 1st quarter. Capital Research Global Investors now owns 17,152,726 shares of the financial services provider valued at $3,163,834,000 after purchasing an additional 195,172 shares during the period. Finally, Geode Capital Management LLC increased its stake in The PNC Financial Services Group by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 6,874,797 shares of the financial services provider valued at $1,374,503,000 after purchasing an additional 139,102 shares during the period. 83.54% of the shares are currently held by institutional investors and hedge funds.
Separately, director Robert A. Niblock purchased 2,000 shares of the company in a trade on Friday, May 6. The shares were purchased at an average cost of $167.07 per share, with a total value of $334,140.00. As a result of the transaction, the administrator now directly owns 6,063 shares of the company, valued at approximately $1,012,945.41. The acquisition was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, EVP Guild Deborah sold 1,257 shares of the company in a trade dated Tuesday, May 3. The stock was sold at an average price of $170.56, for a total value of $214,393.92. Following completion of the transaction, the executive vice president now directly owns 23,360 shares of the company, valued at $3,984,281.60. The disclosure of this sale can be found here. Company insiders own 0.34% of the company’s shares.
The company also recently announced 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 an annualized dividend of $6.00 and a dividend yield of 3.89%. The ex-dividend date is Tuesday, July 12. PNC Financial Services Group’s dividend payout ratio is 50.76%.
About PNC Financial Services Group (Get a rating)
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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