The PNC Financial Services Group (NYSE:PNC) Releases Earnings Results, Beats Expectations By $0.01 EPS

The PNC Financial Services Group (NYSE:PNC) issued its quarterly earnings results on Tuesday. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01, RTT News reports. The firm had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the company posted $3.98 EPS.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $147.25 on Thursday. The firm has a market cap of $58.58 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.69 and a beta of 1.18. The PNC Financial Services Group has a fifty-two week low of $109.40 and a fifty-two week high of $162.24. The business’s 50 day moving average price is $151.80 and its 200-day moving average price is $141.68. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Monday, April 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.21%. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the sale, the executive vice president now directly owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.42% of the company’s stock.

Institutional Investors Weigh In On The PNC Financial Services Group

Several hedge funds have recently made changes to their positions in PNC. Tyler Stone Wealth Management bought a new stake in shares of The PNC Financial Services Group during the second quarter valued at approximately $29,000. Cornerstone Planning Group LLC bought a new stake in The PNC Financial Services Group in the second quarter worth $30,000. Hobbs Group Advisors LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth $32,000. Chilton Capital Management LLC bought a new stake in The PNC Financial Services Group in the first quarter worth $33,000. Finally, 1832 Asset Management L.P. boosted its holdings in The PNC Financial Services Group by 33.5% in the first quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 67 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PNC shares. HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price target for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a report on Tuesday, January 30th. UBS Group raised their price objective on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. Evercore ISI decreased their price objective on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $156.46.

About The PNC Financial Services Group

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.