PNC Financial Services Group, Inc. (The) (NYSE:PNC) declared a quarterly dividend on Tuesday, October 3rd, RTT News reports. Stockholders of record on Tuesday, October 17th will be paid a dividend of 0.75 per share by the financial services provider on Sunday, November 5th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Monday, October 16th.
PNC Financial Services Group, Inc. (The) has raised its dividend by an average of 7.2% per year over the last three years and has increased its dividend every year for the last 6 years. PNC Financial Services Group, Inc. (The) has a dividend payout ratio of 35.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PNC Financial Services Group, Inc. (The) to earn $9.29 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 32.3%.
PNC Financial Services Group, Inc. (PNC) opened at 136.72 on Wednesday. The stock has a market cap of $65.52 billion, a PE ratio of 17.40 and a beta of 0.95. PNC Financial Services Group, Inc. has a 12 month low of $87.34 and a 12 month high of $136.92. The stock’s 50 day moving average price is $129.77 and its 200-day moving average price is $124.86.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. PNC Financial Services Group, Inc. (The)’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.82 earnings per share. Analysts anticipate that PNC Financial Services Group, Inc. will post $8.41 EPS for the current fiscal year.
PNC Financial Services Group, Inc. (The) declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Several equities analysts recently weighed in on PNC shares. Robert W. Baird reiterated a “buy” rating and set a $135.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, August 28th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research report on Tuesday, September 5th. Piper Jaffray Companies reiterated a “buy” rating and set a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Sunday, August 27th. BidaskClub downgraded PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $127.00 target price (up from $121.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, July 17th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $129.26.
In other news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the transaction, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.
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About PNC Financial Services Group, Inc. (The)
The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.
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