Jefferies Group Analysts Cut Earnings Estimates for PNC Financial Services Group Inc (PNC)

PNC Financial Services Group Inc (NYSE:PNC) – Equities researchers at Jefferies Group cut their Q1 2018 earnings per share (EPS) estimates for shares of PNC Financial Services Group in a research note issued to investors on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $2.39 per share for the quarter, down from their previous forecast of $2.43. Jefferies Group also issued estimates for PNC Financial Services Group’s Q3 2018 earnings at $2.76 EPS and Q4 2018 earnings at $2.81 EPS.

PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, January 12th. The financial services provider reported $2.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.09. PNC Financial Services Group had a net margin of 29.60% and a return on equity of 9.52%. The business had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the prior year, the company posted $1.97 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year.

A number of other equities analysts have also commented on PNC. Oppenheimer reissued a “hold” rating on shares of PNC Financial Services Group in a report on Tuesday. Nomura increased their price target on shares of PNC Financial Services Group from $129.00 to $132.00 and gave the stock a “neutral” rating in a report on Thursday, September 28th. Wells Fargo & Co set a $157.00 price target on shares of PNC Financial Services Group and gave the stock a “hold” rating in a report on Tuesday. Robert W. Baird reissued a “buy” rating and issued a $135.00 price target on shares of PNC Financial Services Group in a report on Sunday, October 1st. Finally, Argus increased their price target on shares of PNC Financial Services Group to $170.00 and gave the stock a “buy” rating in a report on Tuesday. Eighteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $144.02.

Shares of PNC Financial Services Group (PNC) opened at $155.25 on Thursday. The stock has a market cap of $73,870.00, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90. PNC Financial Services Group has a 52 week low of $115.25 and a 52 week high of $156.15. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.24.

Hedge funds have recently added to or reduced their stakes in the stock. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its holdings in shares of PNC Financial Services Group by 217.5% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 184,620 shares of the financial services provider’s stock valued at $24,901,000 after purchasing an additional 126,480 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its position in PNC Financial Services Group by 20.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 7,253 shares of the financial services provider’s stock valued at $906,000 after buying an additional 1,235 shares during the period. California Public Employees Retirement System boosted its position in PNC Financial Services Group by 1.6% during the 3rd quarter. California Public Employees Retirement System now owns 1,407,491 shares of the financial services provider’s stock valued at $189,688,000 after buying an additional 22,434 shares during the period. Davis Selected Advisers boosted its position in PNC Financial Services Group by 1.7% during the 2nd quarter. Davis Selected Advisers now owns 307,362 shares of the financial services provider’s stock valued at $38,380,000 after buying an additional 5,262 shares during the period. Finally, AXA boosted its position in PNC Financial Services Group by 2.1% during the 3rd quarter. AXA now owns 337,039 shares of the financial services provider’s stock valued at $45,423,000 after buying an additional 6,903 shares during the period. 81.54% of the stock is currently owned by institutional investors.

In related news, insider Michael J. Hannon sold 8,011 shares of the stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $154.20, for a total transaction of $1,235,296.20. Following the transaction, the insider now owns 58,820 shares of the company’s stock, valued at approximately $9,070,044. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Karen L. Larrimer sold 3,135 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $136.98, for a total transaction of $429,432.30. Following the transaction, the insider now directly owns 20,449 shares in the company, valued at approximately $2,801,104.02. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,534 shares of company stock worth $15,952,465. 0.43% of the stock is owned by insiders.

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 5th. Investors of record on Wednesday, January 17th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Tuesday, January 16th. PNC Financial Services Group’s dividend payout ratio is currently 28.76%.

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About PNC Financial Services Group

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.

Earnings History and Estimates for PNC Financial Services Group (NYSE:PNC)

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