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

The PNC Financial Services Group, Inc. (NYSE:PNC) announced a quarterly dividend on Thursday, April 3rd, RTT News reports. Stockholders of record on Wednesday, April 16th will be paid a dividend of 1.60 per share by the financial services provider on Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Wednesday, April 16th.

The PNC Financial Services Group has increased its dividend payment by an average of 9.0% 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 dividend payout ratio of 36.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect The PNC Financial Services Group to earn $17.32 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 37.0%.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $152.85 on Friday. The firm has a market cap of $60.49 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 1.55 and a beta of 1.04. The stock has a fifty day simple moving average of $184.93 and a two-hundred day simple moving average of $191.66. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group has a 1-year low of $143.52 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $3.16 EPS. Analysts anticipate that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $174.78, for a total transaction of $217,076.76. Following the completion of the sale, the chief executive officer now owns 564,815 shares of the company’s stock, valued at approximately $98,718,365.70. This represents a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 12,420 shares of company stock worth $2,320,739 in the last ninety days. 0.41% of the stock is owned by insiders.

Institutional Investors Weigh In On The PNC Financial Services Group

A hedge fund recently raised its stake in The PNC Financial Services Group stock. Brighton Jones LLC grew its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 32.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,041 shares of the financial services provider’s stock after acquiring an additional 984 shares during the period. Brighton Jones LLC’s holdings in The PNC Financial Services Group were worth $779,000 as of its most recent SEC filing. 83.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. Truist Financial decreased their price target on The PNC Financial Services Group from $216.00 to $208.00 and set a “hold” rating on the stock in a research report on Friday. Citigroup cut their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Compass Point boosted their price objective 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. Finally, JPMorgan Chase & Co. lowered their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $205.18.

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.