The PNC Financial Services Group (NYSE:PNC) Releases Earnings Results, Beats Estimates By $0.19 EPS

The PNC Financial Services Group (NYSE:PNC) issued its quarterly earnings results on Tuesday. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19, Briefing.com reports. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the business posted $3.60 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.8% compared to the same quarter last year.

The PNC Financial Services Group Trading Up 2.1 %

PNC stock opened at $192.48 on Wednesday. The firm’s fifty day simple moving average is $179.61 and its two-hundred day simple moving average is $166.61. The stock has a market capitalization of $76.59 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 2.01 and a beta of 1.14. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The PNC Financial Services Group has a twelve month low of $109.40 and a twelve month high of $196.64.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is 53.74%.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $185.00, for a total value of $229,770.00. Following the sale, the chief executive officer now directly owns 547,249 shares of the company’s stock, valued at $101,241,065. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the transaction, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $185.00, for a total transaction of $229,770.00. Following the sale, the chief executive officer now directly owns 547,249 shares of the company’s stock, valued at $101,241,065. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,662 shares of company stock valued at $4,442,555. Company insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PNC. Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. Evercore ISI boosted their target price on shares of The PNC Financial Services Group from $203.00 to $212.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Jefferies Financial Group raised their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $177.65.

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.