The PNC Financial Services Group, Inc. Announces Quarterly Dividend of $1.50 (NYSE:PNC)

The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) announced a quarterly dividend on Friday, July 1st, RTT News reports. Stockholders of record on Wednesday, July 13th will be given a dividend of 1.50 per share by the financial services provider on Friday, August 5th. This represents a $6.00 annualized dividend and a dividend yield of 3.81%.

The PNC Financial Services Group has raised its dividend by an average of 12.2% per year over the last three years and has increased its dividend every year for the last 12 years. The PNC Financial Services Group has a payout ratio of 36.1% meaning its dividend is sufficiently covered by earnings. Analysts expect The PNC Financial Services Group to earn $16.45 per share next year, which means the company should continue to be able to cover its $6.00 annual dividend with an expected future payout ratio of 36.5%.

Shares of PNC traded down $0.13 during mid-day trading on Friday, hitting $157.64. 28,405 shares of the company traded hands, compared to its average volume of 2,340,729. The business has a 50-day moving average of $163.99 and a 200 day moving average of $186.32. The PNC Financial Services Group has a one year low of $149.51 and a one year high of $228.14. The stock has a market capitalization of $65.20 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 2.25 and a beta of 1.24. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.54.

The PNC Financial Services Group (NYSE:PNCGet Rating) last announced its quarterly earnings data on Thursday, April 14th. The financial services provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.78 by $0.51. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same period in the prior year, the business posted $4.10 earnings per share. The PNC Financial Services Group’s revenue was up 11.2% compared to the same quarter last year. As a group, analysts anticipate that The PNC Financial Services Group will post 14.19 earnings per share for the current year.

Several research firms have weighed in on PNC. Raymond James cut their target price on shares of The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a report on Monday, April 18th. Piper Sandler cut their target price on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a report on Friday, April 1st. StockNews.com began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Wells Fargo & Company cut their target price on shares of The PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Argus cut their target price on shares of The PNC Financial Services Group from $245.00 to $220.00 in a report on Monday, April 18th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $214.40.

In related news, EVP Guild Deborah sold 1,257 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 3rd. 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 owns 23,360 shares of the company’s stock, valued at approximately $3,984,281.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert A. Niblock bought 2,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 6th. The shares were bought at an average cost of $167.07 per share, with a total value of $334,140.00. Following the acquisition, the director now directly owns 6,063 shares in the company, valued at approximately $1,012,945.41. The disclosure for this purchase can be found here. Company insiders own 0.34% of the company’s stock.

Several hedge funds have recently made changes to their positions in PNC. Eaton Vance Management raised its stake in The PNC Financial Services Group by 18.0% in the 1st quarter. Eaton Vance Management now owns 853,094 shares of the financial services provider’s stock worth $157,353,000 after purchasing an additional 129,984 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in The PNC Financial Services Group in the 1st quarter worth about $18,445,000. Weiss Multi Strategy Advisers LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter worth about $16,327,000. Charles Schwab Investment Management Inc. raised its stake in The PNC Financial Services Group by 2.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,124,027 shares of the financial services provider’s stock worth $391,778,000 after purchasing an additional 51,860 shares in the last quarter. Finally, Robeco Schweiz AG raised its stake in The PNC Financial Services Group by 39.7% in the 1st quarter. Robeco Schweiz AG now owns 105,280 shares of the financial services provider’s stock worth $19,419,000 after purchasing an additional 29,939 shares in the last quarter. 83.54% of the stock is owned by institutional investors and hedge funds.

About The PNC Financial Services Group (Get 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, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.

Read More

Dividend History for The PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for The PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.