Financial services

Third Quarter 2022 EPS Estimates for The PNC Financial Services Group, Inc. Boosted by an Analyst (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) – Oppenheimer analysts raised their third quarter 2022 earnings per share (EPS) estimates for The PNC Financial Services Group in a research note released on Monday July 18. Oppenheimer analyst C. Kotowski now expects the financial services provider to earn $3.74 per share for the quarter, up from its previous estimate of $3.70. The consensus estimate for The PNC Financial Services Group’s current annual earnings is $14.33 per share. Oppenheimer also released estimates for PNC Financial Services Group’s fourth quarter 2022 earnings at $4.28, fiscal year 2022 earnings at $14.66, and fiscal year 2023 earnings at $16.77.

PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its results on Friday, July 15. The financial services provider reported earnings per share (EPS) of $3.42 for the quarter, beating the consensus estimate of $3.11 by $0.31. The company posted revenue of $5.12 billion for the quarter, versus analyst estimates of $5.13 billion. The PNC Financial Services group achieved a return on equity of 11.93% and a net margin of 27.32%. The company’s quarterly revenue increased by 9.6% compared to the same quarter last year. During the same period a year earlier, the company posted EPS of $4.50.

Other analysts have also recently published research reports on the stock. StockNews.com took over coverage of PNC Financial Services Group stocks in a Thursday, March 31 research report. They have set a “holding” rating on the stock. Barclays lowered its price target on shares of PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating on the stock in a report on Monday. Citigroup reduced its target price on PNC Financial Services Group from $190.00 to $170.00 in a Tuesday, July 12 research note. Credit Suisse Group lowered its price target on PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Morgan Stanley raised its price target on the PNC Financial Services Group from $168.00 to $180.00 in a research note on Monday. One analyst rated the stock with a sell rating, eight gave the company a hold rating and six gave the company a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $197.63.

Performance of PNC Financial Services group shares

PNC opened at $160.19 on Wednesday. The company’s 50-day moving average price is $161.26 and its 200-day moving average price is $182.55. The company has a market capitalization of $66.25 billion, a P/E ratio of 12.53, a price-to-earnings growth ratio of 2.29 and a beta of 1.24. The company has a quick ratio of 0.74, a current ratio of 0.76 and a debt ratio of 0.76. PNC Financial Services Group has a 52-week low of $146.39 and a 52-week high of $228.14.

PNC Financial Services group announces dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 5. Investors of record on Wednesday, July 13 will receive a dividend of $1.50. This represents an annualized dividend of $6.00 and a dividend yield of 3.75%. The ex-dividend date is Tuesday, July 12. The dividend distribution rate of the PNC Financial Services group is currently 46.95%.

Insider buying and selling

In other news from The PNC Financial Services Group, Executive Vice President Guild Deborah sold 1,257 shares of The PNC Financial Services Group in a trade on Tuesday, May 3. The shares were sold at an average price of $170.56, for a total value of $214,393.92. Following the completion of the transaction, the executive vice president now owns 23,360 shares of the company, valued at $3,984,281.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. In other news from The PNC Financial Services Group, Director Robert A. Niblock purchased 2,000 shares of The PNC Financial Services Group in a trade dated Friday, May 6. The shares were acquired at an average cost of $167.07 per share, with a total value of $334,140.00. Following the purchase, the director now directly owns 6,063 shares of the company, valued at approximately $1,012,945.41. The acquisition was disclosed in a filing with the SEC, which is available at this link. Additionally, EVP Guild Deborah sold 1,257 shares of PNC Financial Services Group in a trade on Tuesday, May 3. The shares were sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the sale, the executive vice president now directly owns 23,360 shares of the company, valued at approximately $3,984,281.60. The disclosure of this sale can be found here. 0.34% of the shares are currently held by insiders.

Hedge funds weigh on PNC Financial Services Group

Hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in The PNC Financial Services Group by 0.9% in the first quarter. Vanguard Group Inc. now owns 37,277,399 shares of the financial services provider worth $6,875,816,000 after purchasing an additional 349,470 shares in the last quarter. BlackRock Inc. increased its position in shares of The PNC Financial Services Group by 2.0% in the first quarter. BlackRock Inc. now owns 30,563,752 shares of the financial services provider valued at $5,637,484,000 after acquiring an additional 589,293 shares last quarter. State Street Corp increased its stake in shares of The PNC Financial Services Group by 2.8% in the fourth quarter. State Street Corp now owns 19,704,923 shares of the financial services provider worth $3,951,231,000 after acquiring an additional 536,564 shares in the last quarter. Capital Research Global Investors increased its position in shares of The PNC Financial Services Group by 1.2% during the first quarter. Capital Research Global Investors now owns 17,152,726 shares of the financial services provider worth $3,163,834,000 after buying an additional 195,172 shares in the last quarter. 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 in the last quarter. 83.54% of the shares are held by hedge funds and other institutional investors.

PNC Financial Services Group Company Profile

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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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Earnings history and estimates for PNC Financial Services Group (NYSE:PNC)

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