The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) – Investment analysts at Zacks Research reduced their FY2023 earnings per share (EPS) estimates for The PNC Financial Services Group in a report released on Monday, September 18th. Zacks Research analyst S. Jhunjhunwala now anticipates that the financial services provider will earn $13.41 per share for the year, down from their previous forecast of $13.54. The consensus estimate for The PNC Financial Services Group’s current full-year earnings is $13.51 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.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $3.36 EPS for the quarter, beating the consensus estimate of $3.31 by $0.05. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.45 billion. During the same period in the prior year, the firm posted $3.42 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year.
Several other research analysts have also recently commented on PNC. StockNews.com began coverage on The PNC Financial Services Group in a research report on Thursday, August 17th. They set a “sell” rating for the company. Citigroup dropped their price objective on The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. Piper Sandler upped their price objective on The PNC Financial Services Group from $130.00 to $131.00 and gave the company a “neutral” rating in a research note on Friday, September 15th. Credit Suisse Group dropped their price objective on The PNC Financial Services Group from $145.00 to $135.00 in a research note on Wednesday, July 19th. Finally, Morgan Stanley upped their price objective on The PNC Financial Services Group from $137.00 to $144.00 and gave the company an “underweight” rating in a research note 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 stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $157.20.
Check Out Our Latest Research Report on PNC
The PNC Financial Services Group Stock Performance
Shares of NYSE PNC opened at $120.79 on Thursday. The stock has a 50 day moving average price of $126.09 and a 200 day moving average price of $125.09. The PNC Financial Services Group has a 52 week low of $110.31 and a 52 week high of $170.27. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $48.11 billion, a PE ratio of 8.31, a price-to-earnings-growth ratio of 1.13 and a beta of 1.15.
Hedge Funds Weigh In On The PNC Financial Services Group
Hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its stake in The PNC Financial Services Group by 788.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,501,090 shares of the financial services provider’s stock valued at $1,080,490,000 after purchasing an additional 7,544,029 shares during the last quarter. Capital International Investors lifted its stake in The PNC Financial Services Group by 615.1% in the second quarter. Capital International Investors now owns 8,623,735 shares of the financial services provider’s stock valued at $1,086,142,000 after purchasing an additional 7,417,830 shares during the last quarter. Norges Bank bought a new stake in The PNC Financial Services Group during the 4th quarter valued at $735,469,000. Moneta Group Investment Advisors LLC raised its holdings in The PNC Financial Services Group by 122,771.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock valued at $401,323,000 after acquiring an additional 2,538,916 shares during the period. Finally, CIBC Private Wealth Group LLC raised its holdings in The PNC Financial Services Group by 105.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,535,019 shares of the financial services provider’s stock valued at $557,427,000 after acquiring an additional 1,813,876 shares during the period. Hedge funds and other institutional investors own 80.14% of the company’s stock.
The PNC Financial Services Group Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date of this dividend was Friday, July 14th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s payout ratio is presently 42.49%.
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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