The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) – Research analysts at Zacks Research decreased their FY2023 earnings estimates for shares of The PNC Financial Services Group in a research note issued on Monday, September 18th. Zacks Research analyst S. Jhunjhunwala now forecasts that the financial services provider will post earnings per share of $13.41 for the year, down from their prior forecast of $13.54. The consensus estimate for The PNC Financial Services Group’s current full-year earnings is $13.53 per share. Zacks Research also issued estimates for The PNC Financial Services Group’s Q1 2024 earnings at $2.79 EPS, Q2 2024 earnings at $2.78 EPS, Q3 2024 earnings at $2.79 EPS, Q4 2024 earnings at $2.89 EPS and FY2024 earnings at $11.26 EPS.
Several other brokerages also recently commented on PNC. Piper Sandler lifted their target price on shares of The PNC Financial Services Group from $130.00 to $131.00 and gave the stock a “neutral” rating in a research note on Friday, September 15th. 888 reaffirmed a “reiterates” rating on shares of The PNC Financial Services Group in a research note on Monday, June 26th. HSBC began coverage on The PNC Financial Services Group in a research note on Thursday, September 7th. They issued a “reduce” rating and a $110.00 target price on the stock. StockNews.com started coverage on The PNC Financial Services Group in a research report on Thursday, August 17th. They set a “sell” rating for the company. Finally, Morgan Stanley lifted their price objective on The PNC Financial Services Group from $137.00 to $144.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 19th. Five analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $157.20.
Read Our Latest Research Report on PNC
The PNC Financial Services Group Price Performance
Shares of The PNC Financial Services Group stock opened at $123.90 on Thursday. The stock has a market capitalization of $49.34 billion, a P/E ratio of 8.49, a price-to-earnings-growth ratio of 1.14 and a beta of 1.15. The PNC Financial Services Group has a one year low of $110.31 and a one year high of $170.27. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.82 and a quick ratio of 0.82. The business’s 50 day simple moving average is $126.24 and its two-hundred day simple moving average is $125.11.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $3.36 EPS for the quarter, topping the consensus estimate of $3.31 by $0.05. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.45 billion. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.42 earnings per share.
The PNC Financial Services Group Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Saturday, August 5th. Shareholders of record on Monday, July 17th were issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 5.00%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The ex-dividend date was Friday, July 14th. The PNC Financial Services Group’s payout ratio is 42.49%.
Institutional Investors Weigh In On The PNC Financial Services Group
A number of institutional investors have recently modified their holdings of PNC. Farther Finance Advisors LLC lifted its stake in shares of The PNC Financial Services Group by 31.0% in the second quarter. Farther Finance Advisors LLC now owns 1,106 shares of the financial services provider’s stock worth $139,000 after buying an additional 262 shares in the last quarter. Prosperity Wealth Management Inc. lifted its position in The PNC Financial Services Group by 6.6% in the 2nd quarter. Prosperity Wealth Management Inc. now owns 1,933 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 120 shares in the last quarter. ST Germain D J Co. Inc. purchased a new position in shares of The PNC Financial Services Group in the second quarter worth $414,000. Portside Wealth Group LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth $4,335,000. Finally, Chapin Davis Inc. boosted its position in shares of The PNC Financial Services Group by 19.1% during the second quarter. Chapin Davis Inc. now owns 2,610 shares of the financial services provider’s stock valued at $329,000 after buying an additional 418 shares during the last quarter. 80.14% of the stock is owned by hedge funds and other institutional investors.
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 certificates of 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.
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