The PNC Financial Services Group, Inc. (NYSE:PNC) Plans Quarterly Dividend of $1.60

The PNC Financial Services Group, Inc. (NYSE:PNC - Get Free Report) announced a quarterly dividend on Thursday, April 3rd, RTT News reports. Stockholders of record on Wednesday, April 16th will be given a dividend of 1.60 per share by the financial services provider on Monday, May 5th. This represents a $6.40 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Wednesday, April 16th.

The PNC Financial Services Group has increased its dividend payment by an average of 9.0% annually over the last three years and has raised its dividend every year for the last 14 years. The PNC Financial Services Group has a dividend payout ratio of 36.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect The PNC Financial Services Group to earn $17.32 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 37.0%.

The PNC Financial Services Group Stock Down 2.4 %

Shares of The PNC Financial Services Group stock traded down $3.66 during trading hours on Tuesday, reaching $149.15. The company's stock had a trading volume of 4,426,608 shares, compared to its average volume of 1,928,917. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group has a one year low of $143.52 and a one year high of $216.26. The company has a market capitalization of $59.03 billion, a P/E ratio of 10.85, a P/E/G ratio of 1.55 and a beta of 1.04. The stock's fifty day simple moving average is $183.93 and its two-hundred day simple moving average is $191.55.

Remove Ads

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The company had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.16 earnings per share. On average, research analysts forecast that The PNC Financial Services Group will post 15.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, April 4th. The shares were sold at an average price of $155.27, for a total transaction of $99,528.07. Following the completion of the sale, the chief executive officer now directly owns 564,174 shares of the company's stock, valued at approximately $87,599,296.98. The trade was a 0.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 13,061 shares of company stock worth $2,420,267 in the last ninety days. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On The PNC Financial Services Group

An institutional investor recently raised its position in The PNC Financial Services Group stock. Brighton Jones LLC increased its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 32.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,041 shares of the financial services provider's stock after purchasing an additional 984 shares during the quarter. Brighton Jones LLC's holdings in The PNC Financial Services Group were worth $779,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Morgan Stanley dropped their price target on The PNC Financial Services Group from $188.00 to $179.00 and set an "underweight" rating on the stock in a report on Monday. Truist Financial decreased their target price on The PNC Financial Services Group from $216.00 to $208.00 and set a "hold" rating for the company in a research report on Friday. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Finally, Compass Point upped their price objective on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $203.47.

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.