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

The PNC Financial Services Group, Inc. (NYSE:PNC) declared a quarterly dividend on Friday, January 3rd,RTT News reports. Stockholders of record on Wednesday, January 15th will be paid a dividend of 1.60 per share by the financial services provider on Wednesday, February 5th. This represents a $6.40 annualized dividend and a dividend yield of 3.31%.

The PNC Financial Services Group has increased its dividend payment by an average of 9.9% per year over the last three years and has raised its dividend every year for the last 14 years. The PNC Financial Services Group has a payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $14.83 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 43.2%.

The PNC Financial Services Group Trading Up 1.1 %

PNC stock traded up $2.17 during midday trading on Friday, reaching $193.56. The company’s stock had a trading volume of 371,487 shares, compared to its average volume of 1,056,794. The business’s 50-day simple moving average is $200.78 and its 200-day simple moving average is $183.86. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group has a 52 week low of $139.69 and a 52 week high of $216.26. The stock has a market cap of $76.80 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 2.11 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.60 earnings per share. As a group, sell-side analysts expect that The PNC Financial Services Group will post 13.45 EPS for the current year.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $185.00, for a total value of $229,770.00. Following the completion of the sale, the chief executive officer now directly owns 547,249 shares of the company’s stock, valued at approximately $101,241,065. This represents a 0.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now owns 915 shares in the company, valued at $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,030 shares of company stock valued at $5,916,453 in the last quarter. 0.42% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PNC has been the topic of several research reports. Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Compass Point upped their price target on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Stephens upped their target price on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Piper Sandler boosted their price objective on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $200.81.

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.