The PNC Financial Services Group (NYSE:PNC) Releases Earnings Results, Beats Estimates By $0.19 EPS

The PNC Financial Services Group (NYSE:PNC) issued its quarterly earnings data on Tuesday. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.30 by $0.19, Briefing.com reports. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the firm posted $3.60 EPS. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis.

The PNC Financial Services Group Price Performance

PNC opened at $189.92 on Thursday. The company has a 50 day moving average of $180.07 and a two-hundred day moving average of $166.78. The PNC Financial Services Group has a 52-week low of $109.40 and a 52-week high of $196.64. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The company has a market cap of $75.57 billion, a P/E ratio of 15.95, a P/E/G ratio of 2.01 and a beta of 1.14.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be issued a $1.60 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.37%. The PNC Financial Services Group’s payout ratio is 53.74%.

Analyst Ratings Changes

Several research analysts have issued reports on PNC shares. Royal Bank of Canada raised their price objective on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Citigroup raised their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $185.71.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $186.45, for a total transaction of $231,570.90. Following the transaction, the chief executive officer now directly owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $186.45, for a total transaction of $231,570.90. Following the sale, the chief executive officer now directly owns 550,975 shares in the company, valued at $102,729,288.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,662 shares of company stock valued at $4,442,555. Corporate insiders own 0.42% of the company’s stock.

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.