Equities analysts forecast that The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) will announce $5.13 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for The PNC Financial Services Group’s earnings, with the lowest sales estimate coming in at $4.99 billion and the highest estimate coming in at $5.31 billion. The PNC Financial Services Group posted sales of $4.67 billion during the same quarter last year, which would indicate a positive year over year growth rate of 9.9%. The business is expected to report its next earnings report before the market opens on Monday, January 1st.
On average, analysts expect that The PNC Financial Services Group will report full year sales of $20.73 billion for the current financial year, with estimates ranging from $20.13 billion to $20.96 billion. For the next year, analysts forecast that the business will post sales of $22.69 billion, with estimates ranging from $22.09 billion to $23.45 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover The PNC Financial Services Group.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its earnings results on Thursday, April 14th. The financial services provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.78 by $0.51. The business had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.72 billion. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The PNC Financial Services Group’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm posted $4.10 earnings per share.
A number of brokerages have commented on PNC. Raymond James reduced their price target on shares of The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a research report on Monday, April 18th. StockNews.com began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 31st. They set a “hold” rating on the stock. JPMorgan Chase & Co. increased their price target on shares of The PNC Financial Services Group from $229.50 to $232.50 in a research report on Thursday, February 3rd. Wolfe Research reduced their price target on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Piper Sandler reduced their price target on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a research report on Friday, April 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $215.67.
Shares of PNC opened at $175.05 on Monday. The PNC Financial Services Group has a 1-year low of $152.35 and a 1-year high of $228.14. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.74. The firm’s 50 day simple moving average is $174.56 and its 200 day simple moving average is $192.83. The company has a market capitalization of $72.40 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.44 and a beta of 1.24.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 5th. Investors of record on Wednesday, April 13th were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, April 12th. This represents a $6.00 annualized dividend and a yield of 3.43%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.25. The PNC Financial Services Group’s payout ratio is 50.76%.
In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,257 shares of the firm’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the transaction, the executive vice president now owns 23,360 shares of the company’s stock, valued at $3,984,281.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert A. Niblock acquired 2,000 shares of the stock in a transaction on Friday, May 6th. The shares were purchased at an average cost of $167.07 per share, with a total value of $334,140.00. Following the transaction, the director now directly owns 6,063 shares of the company’s stock, valued at approximately $1,012,945.41. The disclosure for this purchase can be found here. Insiders own 0.34% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP lifted its position in The PNC Financial Services Group by 3.0% during the third quarter. Quantinno Capital Management LP now owns 1,686 shares of the financial services provider’s stock valued at $330,000 after buying an additional 49 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of The PNC Financial Services Group by 0.4% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,197 shares of the financial services provider’s stock worth $2,386,000 after purchasing an additional 51 shares during the last quarter. Gradient Investments LLC raised its position in shares of The PNC Financial Services Group by 12.0% in the 4th quarter. Gradient Investments LLC now owns 476 shares of the financial services provider’s stock worth $95,000 after purchasing an additional 51 shares during the last quarter. Manchester Capital Management LLC raised its position in shares of The PNC Financial Services Group by 1.5% in the 4th quarter. Manchester Capital Management LLC now owns 3,652 shares of the financial services provider’s stock worth $732,000 after purchasing an additional 53 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Cetera Investment Advisers now owns 14,417 shares of the financial services provider’s stock worth $2,891,000 after purchasing an additional 53 shares during the last quarter. 83.54% of the stock is owned by institutional investors and hedge funds.
The PNC Financial Services Group Company Profile (Get Rating)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company’s Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.
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